by Jamie Gold
1/27/2009  In recent years a record number of Americans have lost their homes due to foreclosures. A record number of homeowners lost their homes in ’07 and ’08, and that number is continuing to grow in ’09. It is absolutely devastating to know that people have lost homes and so many others are on the verge of loosing homes. People are loosing their homes because they cannot pay mortgage. They are having difficulties paying their mortgages due to loosing jobs, having their income reduced, getting sick, and having other unexpected events.
To mitigate the damage, the government is now trying to help homeowners keep their homes. Fannie Mae and Freddie Mac’s announced that the new program, which went live December 15, aims to speed up the loan modification process.
Are you currently having difficulties paying your mortgage due to being unemployed?
Are you currently having difficulties paying your mortgage due to reduction in income?
Are you currently having difficulties paying your mortgage due to illness or injury?
Are you currently having difficulties paying your mortgage due to a divorce?
Are you currently having difficulties paying your mortgage due to an unexpected life event?
If you’ve answered “yes” to any of the questions above and may be eligible to get assistance. You should call your bank or your mortgage broker and ask for an assistance program.
In this article, I would like to discuss one of the programs available – Mortgage Loan Modification.
What is Mortgage Loan Modification?
The mortgage loan modification program is designed to help customers avoid foreclosure and remain in their homes as mortgage defaults continue to rise. A mortgage loan modification is a restructured agreement between the borrower and mortgage lender with revised terms and/or interest rates.
When can you apply for a Mortgage Loan Modification?
You can apply for a Mortgage Loan Modification if you can make payments on your loan, but you don't have enough money to bring the account current, or you can't afford the total amount of your current payment.
How can Mortgage Loan Modification help you?
Mortgage Loan Modification can modify the terms of your original loan to make the payments more affordable:
Mortgage Loan Modification can lower your monthly payments.
Mortgage Loan Modification can reduce your principal balance.
Mortgage Loan Modification can remove your adjustable rate.
Mortgage Loan Modification can get you into a fixed rate.
When you go forward with a Mortgage Loan
Modification, there are no closing costs.
When you go forward with a Mortgage Loan Modification, there are no appraisal fees.
When you go forward with a Mortgage Loan Modification, there are no credit checks.
Again, if you are in trouble and think that mortgage loan modification is for you, you should call your bank or your mortgage broker and ask about this program. If you do not qualify for mortgage loan modification program, you should ask for other programs. There is a number of different programs to help home owners and you may qualify for one of them.
For more information on Mortgages, please visit Mortgages section
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| Comments: 1 |
john wrote:
It is estimated that it could benefit 3 to 4 million homeowners from the new modification procedures. So how do you qualify for the Mortgage Modification? Check the website http://mortgagemodificationprogram.blogspot.com
to see if you qualify. I was in trouble I am glad I did check it before I talk to my mortgage company and it worked - John Mayer, California
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