mortgage modification info – LoanMortgageModification.Us http://www.loanmortgagemodification.us Loan Mortgage Modification | Making Home Affordable Program Wed, 04 Feb 2015 12:31:19 +0000 en-US hourly 1 6903208 Mortgage Loan Modification Info And You http://www.loanmortgagemodification.us/mortgage-modification/mortgage-loan-modification-info-and-you/90/ http://www.loanmortgagemodification.us/mortgage-modification/mortgage-loan-modification-info-and-you/90/#comments Fri, 24 Apr 2009 18:36:53 +0000 http://www.loanmortgagemodification.us/?p=90 President Obama announced the new ‘Making Home Affordable Program’ on February 18th of this year which allows homeowners the prospect of a loan mortgage modification. For homeowners who have been stressed out over possible defaulted and foreclosed loans it couldn’t have come soon enough. The prospect of a Modified Mortgage Loan was looking more and more to be like a much needed lifeline. However, even after the much- anticipated introduction of this bailout relief process it took weeks for the lending institutions to prepare their systems for it. This only added to the frustration that troubled homeowners have been experiencing for what has seemed like an eternity.

Over the past few months the Obama administration has enlisted a trio of the nations largest lending institutions to service the new mortgage modification program. JP Morgan, CitiGroup, and Wells Fargo have all jumped on the relief bandwagon. Why wouldn’t they? All financial institutions that join the program receive a barrel of incentives. Those who participate receive a thousand dollars per modification. Of course the homeowners get incentives as well. Each homeowner that keeps their account current will receive a thousand dollars a year over a three- year period.

This Mortgage Loan Modification program is expected to keep over 9 million Americans from losing their homes. Lets breakdown how this program works. Basically it is a 2 -part plan. Lending institutions take the first step by lowering monthly mortgages to no more than 31% of the homeowner’s gross income. The other option in the plan would be for the lender to redo the homeowner’s mortgage regardless of the equity. The Obama administration has put up 75 billion dollars to assist with the payment reduction. In addition, the lender must also lower interest rates to no more than 38% of the homeowner’ gross income. All moves to avoid rates hikes that come with adjusted rate mortgages.

Homeowner’s have been concerned about the possibility of their payments getting higher under the new modification. The only way that their payment would increase is if they are currently paying a low introductory rate. If a homeowner is pondering what their payment might be they can visit the payment reduction estimator at http://www.makinghomeaffordable.gov/evaluator.html. Just in case a homeowner is wondering, it would not be wise to procrastinate in the hopes that the mortgage rate will lower. Although the rate is the lowest it has been in many years it has began to inch upwards once again. If you are eligible for this Loan Mortgage Modification program you should take action now.

There is a list of eligibility requirements that must be met for this program. A homeowner in need can visit http://www.makinghomeaffordable.gov/eligibility.html to check eligibility. For some, applying for a Mortgage Loan Modification is a scary proposition. Only the homeowner knows their situation. The alternative may be more frightening. If your a homeowner under distress, examine your options and proceed with caution. Keep up to date with the latest information and advice on home mortgage loan modifications on the larger news stations which are running daily stories on modifying mortgages which may offer some help.

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]]> http://www.loanmortgagemodification.us/mortgage-modification/mortgage-loan-modification-info-and-you/90/feed/ 3 90 Mortgage Modification Advice http://www.loanmortgagemodification.us/mortgage-modification/mortgage-modification-advice/48/ http://www.loanmortgagemodification.us/mortgage-modification/mortgage-modification-advice/48/#comments Tue, 31 Mar 2009 18:30:20 +0000 http://www.loanmortgagemodification.us/?p=48 Accredited mortgage modification advice and help from an accredited source, Alex Neely, who is a family financial expert, explains in the below video that mortgage modifications can be done by yourself directly with your lender. You can use the services of an attorney to handle this process if you feel more comfortable he can do a better job then you can on getting a better mortgage modification.
This accredited mortgage modifications expert indicates that instead of sending a mortgage payment into your lender that particular month, you can use this instead to pay your attorney to modify your mortgage. Your attorney (all will) will require an upfront fee to start the mortgage modification process for you.

We (this website) normally is against paying anyone to do a loan mortgage modification for you under the new federal mortgage modification plan “Making Home Affordable” signed recently by president Barack Obama, but this is valid mortgage modification advice expressed by this accredited mortgage modifications expert. The reason is, you were going to send a payment anyways, why not use it to increase your chances of a better loan mortgage modification for yourself, which will keep on paying you (via lower monthly payment) each and every month.

Also; this financial expert indicates that maybe the lawyer you hire might find a problem with your original loan that may work to your benefit, resulting in a better loan mortgage modification.

You do not want to use some fly by night company who wants to take upfront money from you to handle your mortgage modification. If your tempted to do this, first try the loan mortgage modification process yourself. If you are not happy with the new terms your lender came up with, take your mortgage payment and use it to then hire an attorney as the second plan of action. If your still not satisfied, then you may want to use the help of a mortgage modification company you’ve heard was good, or who has done some from people you trust and they were satisfied with their services. Loan mortgage modifications will typically run from 3k to 5k.

The most important mortgage modification advice we can give is:

  • Do your mortgage modification before your interest rate resets (if you have an ARM).
  • Try to do your own mortgage modification yourself first before hiring anyone to do it for you.
  • Explain your hardship to your lender via a written letter. Explain why you need a mortgage modification. Normally, the number one reason is your fixed debt (house/taxes/insurance/car/utilities/credit card debt/food payments) are much higher then what your income allows for. This may be a direct result of reduced hours/a new job which pays less or being terminated from your present job.
  • Use a lawyer to help you do your mortgage modification if you feel it will result in a better program.
  • As a last resort, use a loan mortgage modification company to handle the process for you only if you know that they are reputable.

Please feel free to watch the below video on more mortgage modification advice, help and info!


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