HOME AFFORDABLE MODIFICATION
If you are like me, you are finding that things are happening very fast in the world of economic bail outs. If you are a homeowner and struggling to stay above water, there is a new program out there that you may benefit from: Home Affordable Modification. The name doesn’t just roll off the tongue; a condition reflected in the guidelines. It’s not easy to determine who – or who doesn’t – qualify for modification, but perhaps there might be a glimmer of hope for those staring down the slippery slope of default, bankruptcy and foreclosure.
Home Affordable Modification is specifically designed to help homeowner’s with Fannie Mae and Freddie Mac backed mortgages, though other mortgages may qualify. See what I mean about clarity? In any case, this may be the answer for you if the following describes your situation:
I. You are spending more than 31% of your pre-tax income on housing
AND
II. A major change has occurred in your life which impacts your financial situation. The result of this change has put you in danger of default on your mortgage, or has already resulted in delinquent payments.
If this describes your situation, CALL YOUR LOAN SERVICER!
Even if you are already being foreclosed on, or have already declared bankruptcy, you may still qualify for modification. It’s certainly worth the phone call. Be ready to provide proof of your hardship, and documentation of income and housing expenses. Oh – and be prepared for a LONG wait on the phone. Loan servicers are being flooded with phone calls.
For more information and greater detail on the Home Affordable Modification plan, check out my source: http://www.Bankrate.com.
Posted By:
Cathy Butschke
Comments Off
·
">
|
Tagged with mortgage loans |
