Loan Modification Sites

In prior posts we have discussed some ways the government is providing opportunities to help borrowers who are struggling with their mortgage payment to try and keep their house.  We discussed the HAMP program, which is a government loan modification program that helps qualified consumers make adjustments to their mortgage payments in hopes to be able to keep their house.  The government recognizes that not all of these people will still be able to keep their house, so they have provided a program to help those that do need to give up their home, to do it with some extra money.

The Home Affordable Foreclosure Alternatives (HAFA) program is a government program that helps borrowers who have tried the HAMP program and have failed to be able to get rid of their house, with the possibility of receiving up to $3000 cash.  For borrowers who have qualified for the HAMP program and still fail to make payments, HAFA can help you with a short sale or Died-in-Lieu foreclosure while at the same time sending you off with up to $3000 cash for “moving expenses.”  If you have exhausted all possible ways to modify your loan and are still unable to afford your home, this may be a great option for you.  Learn more about HAFA here.

The government is providing several programs and opportunities for people who are struggling with home mortgage payments.  One of their main programs is their Home Affordable Modification Program (HAMP).  This program is for certain borrowers who qualify and have mortgages under $729,000.  If you fit the little criteria that is required to qualify for the program, you may be able to lower your interest all the way down to 2%, defer unpaid loan balances, or even extend your amortization period.  These can amount in a significant reduction of your monthly payment and may allow you to keep your house.

Even though you may be extremely behind on your payment, it doesn’t hurt to find out.  Find out more about HAMP and get help modifying your loan today!

For the first time since December of 2008, the DOW closed up four days consecutively.  This rally in the stock market is being led by the financial institutions, as many of them saw their stock go up anywhere from 40-100% in just a week.  This recent return of confidence in lending institutions is good news for your mortgage and loan modification. Both Bank of America and Citi Group announced this week that they are well capitalized and are actually yielding profits in the current quarter.  Both feel that they will not need further government funding to keep them alive, as both have recieved tens of billions of dollars from the government.

On Monday, The FASB (Financial Accounting Standards Board) is planning to meet to discuss a change in strategy to the current accounting procedure “mark to market” that bank uses on their balance sheets.  As of now, banks are required to adjust values of properties to their current appraised value when doing accounting, which recently, has taken an enormous chunk out of their balance sheets.  The FASB will meet to discuss changes that can be made to this procedure that will help bank minize the damage of toxic assets.  As this develops more, this provides a great opportunity for those looking to refinance a mortgage or modify a loan. So whether you are in Texas, California, Florida, New York, or any other US city, you most likely qualify for the new government loan modification and refinance plan. If you are not sure if you qualify, we can find out for you.  Now is the time to act, as interest rates remain record low and banks have incentives to work with you.  CLICK HERE to begin in modifying or refinancing your loand today!

In the past couple of weeks, President Obama and government agencies have been working hard to assist people across the country in working out their mortgage.  Considering the current estimate for delinquent houses is roughly 10% and the FDIC is predicting that 1 out of every 3 houses will be delinquent by 2010, this has become a top priority for President Obama.

Considering many of the financial institutions have suffered severe liquidity problems the last year, the government has given aid to many of them.  From now on, any bank that is to be recieving TARP money will be required to follow the guidelines that the government has laid out for loan modification.  So whether you are in California, Colorado, or Florida, you are most likely eligible for some sort of loan modification or refinance.  Having the Fed rate at a 0% currently and in our current economic state, there is no better time to consult a representative.  Banks have been commissioned to lower interest rates to as low as 2%, if needed, in order to work with those struggling to make mortgage payments.

Even those of you that have remained current on your mortgage have options, including reducing your principal amount.  Get in touch with a representative today.  Click here to get more information on how you can work out your loan!