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Debt Relief – Insolvency – Bankruptcy Information » Entries tagged with "Modification"

The Requirements For The Making Home Affordable Modification Program

Article by Scott Pasinski You might have heard of the new Making Home Affordable Modification Program that is provided for all homeowners out there. This allows them to modify their payments to prevent any future delays in their mortgage fees. People who are still on time when it comes to their mortgage payments can still apply for this plan. More importantly, this is a good option for people who are really having trouble when it comes to their payments. What are the requirements for the Making Home Affordable Modification? 1. The home should be the primary residence of the applicant. Rest houses or secondary properties are not accepted for the program. 2. People who are currently experiencing problems with their payments. It may be that they have lost their source of income, reduction with … Read entire article »

Filed under: Mortgage Refinancing

Loan Modification Eligibility Requirements under Making Home Affordable Program

Article by Simon Volkov Borrowers who desire a loan modification might qualify for Obama’s Making Home Affordable programs. Lender participation is voluntary, so borrowers should first contact their mortgage service provider. Once lender participation is verified, borrowers should take time to understand how Making Home Affordable programs work and the process involved.   Homeowner’s must meet loan modification eligibility requirements and undergo a financial audit. Mortgage lenders must verify income to determine if borrowers can afford modified loan payments. Borrowers are subjected to a loan approval process similar to the one they underwent when originally applying for the home loan. Homeowners should organize financial records prior to apply for a loan modification. Lenders usually require payroll records, bank statements, list of expenses and a current tax return. Some lenders require borrowers to provide IRS … Read entire article »

Filed under: Mortgage Refinancing

Modification Mortgage Loans: Modifies Your Mortgage

The modification mortgage loans are those loans which are being applied by the borrowers in those particular situations when it gets tough for them to pay off their loans or mortgages. It may happen to you as well that you find it really tough at times to maintain regularity of installments or arranging cash further gets difficult and in such situations; you can opt for a settlement with the lender. Through a certain negotiation and settlement between the borrower and the lender, the amount to be paid off can be lowered together with the rate of interest to be paid every month. It is this process only that is known as modification. There are generally, several reasons that encourage one to get the modification mortgage loans. Some of the noteworthy grounds … Read entire article »

Filed under: Foreclosure Help

Loan modification problems – Secrets revealed to help solve loan modification problems

It’s unbelievable that many people who apply for a loan modification through the banks get denied. I’m not sure of why consumers are getting rejected for the modification. Nevertheless, there are other programs that can assist you with the whole process. I have provided you with three programs that will assist you with reducing your monthly payment. Loan modification problems – Repayment plan – Secret 1 Ask for a repayment plan. Payments are increased to make up for the past due payments. You can make up these payments over a short or a long time. For example, if you are three months behind with a monthly payment of 400 a month, you can stretch out the $ 1200 over 12 months where you would pay an extra 100 a month on top … Read entire article »

Filed under: Mortgage Refinancing

Loan Modification and its programs

As the news has already made it clear, currently there are two significant stories making and breaking records in the scenario of loan modification. The first story is that some policymakers are not at all happy with the present loan modification programs and are belligerent to end them quickly. The other story is that Mortgage service providers have to pay $ 20 billion as civil settlement mortgage. Loan modification lawyers play a vital role at the time of loan modification application. In fact, Loan modification attorney is the one who can provide some relief in mortgage situation. With so much happening around the globe especially in loan modification, there is a hell lot of information that still needs to be explored. Let us see how loan modification can affect your own … Read entire article »

Filed under: Mortgage Refinancing

Quick Look To Pre Qualify In FHA Loan Modification Requirements

To be successful under the Obama loan modification program, you have a good grasp on the federal loan modification guidelines. The guidelines will help you in understanding the pre requisites needed under various home affordable programs like FHA, HAMP and the HARP. While a lot has been written on HAMP and HARP, very few homeowners are actually aware about the FHA loan modification Requirements. Here are few tips which are worth considering should you want to qualify For FHA Mortgage Loan Modification: Tip#1 –You should present a genuine financial statement which should depict your latest financial transaction records. Keep in your mind that you do not play fast and loose with your financial statement records under no circumstance. Tip#2 – Since there are thousands of applicants under the FHA, it is very … Read entire article »

Filed under: Mortgage Refinancing

What Answers Does Bank Of America Loan Modification Program Provides To Your Home Mortgage

Government home affordable modification program brought good hope and prospects for the financially ailing homeowners who are not able to pay the home mortgage. Under the HAMP, the individual mortgage homeowner will pay lower interest rates on the mortgage. There are several servicers who are providing federal home improvement programs like HAMP and HARP, and Bank of America Loan Modification Program is one of them. You need to make sure that the debt-to-income ratio should not be below 31% and you should also get through income verification process and also mortgage loan trial modification by the servicer. Here are few points which you should consider when going for B of A Loan Modification. Be Patient There are struggling homeowners whose applications have been declined at least 2-5 times. Such homeowners had their re-application approved … Read entire article »

Filed under: Mortgage Refinancing

What is the difference between the Making Home Affordable refi and modification?

My mortgage loan qualifies for the Making Home Affordable program, but I don’t know what the difference is between selecting a refinance or a modification. My situation is that I have significantly lost income and at the same time my home value has dropped way below my mortgage balance so I can’t sell and my payments are too high to continue making, am already about to miss a payment this month. … Read entire article »

Filed under: Mortgage Refinancing

With the Making Home Affordable program,can I be denied loan modification if I already refinanced last year?

Only about 8 months ago Bank of America solicited me and offered to refinance my mortgage with the government “Making Home Affordable” program. I was struggling and it made perfect sense so I did it. Now things have gotten even worse for me and I’ve been working with a credit councilor to try to avoid bankruptcy. He suggested that I call the HUD and ask them about a loan modification. I spoke quickly with someone today, not an actual HUD councilor, that said that because I already refinanced with the program, that I’m not eligible to do a loan modification through it. Is this true!? If so, what options do I have? Can I get a loan modification without the government program? The credit councilor said that my housing costs … Read entire article »

Filed under: Mortgage Refinancing

Stop Foreclosure and Save California Homes with loan modification

To ease your real estate troubles ensure you use a law firm. Beware of scam artists who want to rip you off. … Read entire article »

Filed under: Foreclosure Law

“do It Yourself Loan Modification Guide & Workbook”

Due To The Decline In Real Estate Values. Home Owners Are Desperately Seeking A Solution To Modify Their Home Mortgage Cheaper Than The Thousands Required By Attorneys! Our “do It Yourself” Loan Modification Guide & Workbook Is Simple Yet Effective “do It Yourself Loan Modification Guide & Workbook” … Read entire article »

Filed under: Foreclosure Help

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