Do you know about - Tips on Getting a Loan Modification To preclude Foreclosure
Mortgage Interest Rates Today! Again, for I know. Ready to share new things that are useful. You and your friends.Is a loan modification right for me?
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It is recommended that you start your due diligence with this step.
A loan modification allows homeowners to lower their mortgage costs and stay in their home without the threat of foreclosure. In this tough economy, a loan medication can great heighten one's economic situation, heighten the potential of life for you and your family, and sell out the number of stress you might be experiencing on a day to day basis. The concept process you would be discussing is, "if my bank can lower my payment, I want to stay in this house". Here are a few reasons why a bank would consider doing a loan modification for you:
*Interest rate above 6%
*Unaffordable Payments
*Adjustable Rate Loan
*Victim of Predatory Loan
*Delinquent payments
*Current or Pending Foreclosure
*Negative Equity
*Catch Up on Payments
There are many, many loan modification fellowships and a truck load of attorneys who are doing loan mods these days. Some are great than others and some are not good, so you positively need to ask questions about how they do business, what the procedure is, how long it should take, how much money it will cost and make sure the cost is going to be low enough for it to make a inequity in you being able to afford the mortgage payment. So many times a bank will do a loan modification but it's just a band aid on an farranging bigger question and the property will corollary in a foreclosure anyway. So, please.....do yourself a favor and make sure the numbers pencil out before you put yourself straight through what could be a very long and frustrating ordeal.
There is an additional one Loan Modification program that you Need to know about. It's called the Home Affordable Modification program and The Home Affordable Refi Program. Hamp and Harp. You may have heard about it. It was introduced straight through the Obama management back on March 4, 2009.
Hamp: The U.S. Group of Treasury released the manufacture Home Affordable program for loan modifications and special refinancing terms by the Nation's important banks. The Home Affordable Modification program (Hamp) will offer assistance to millions of homeowners, manufacture their mortgages more affordable and helping to preclude the destructive impact of foreclosures on families, communities and the national economy. The Hamp program will help at risk homeowners avoid foreclosure by reducing monthly mortgage payments. The Hamp program can sell out your interest rate as low as 2% Fixed and expand your loan to 40 years if necessary. You will also qualify for principle reduction each year while in the program.
Harp: Home Affordable Refinance program (Harp) ends June 2011 but may be extended.
*125% Ltv Max (i.e. 0,000 Loan/0,000 property Value)
*Fico Score 640 Minimum (Freddie)/700 Minimum (Fannie)
*Dti (Debt To revenue Ratio 50% Max)
*Must be current on payments
*Must not have Pmi on current loan (no Pmi will be on new loan)
*Must be owned by Fannie Mae or Freddie Mac
The Home Affordable Refinance program (Harp) will be ready to 4 to 5 million homeowners who have a solid cost history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Harp program, many of them will now be eligible to refinance their loan up to 125% Ltv to take benefit of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more garage mortgage, such as a 30-year fixed rate loan.
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