Anyone at risk for foreclosure may want to consider a mortgage loan modification. This is a process that allows you to reduce interest, which ultimately lowers your month payment. To qualify for a loan modification you must meet certain guidelines.
You can find all of the information you need on the website http://www.makinghomeaffordable.gov. To find out if you are eligible go to the link below and answer some basic questions.
Some of the questions you will be asked are the following:
• Is your home your primary residence?
• Does your first mortgage balance equal to or less than $729,750?
• Are you experiencing financial trouble when it comes to paying your Mortgage payment?
• Did your mortgage loan originate before January 1, 2009?
• Is your first mortgage payment greater than 31 percent of your gross monthly income, (before taxes)? This payment should include principal, interest, taxes and insurance.
If you answer yes to all these questions you could be eligible for a home loan modification. When you are approved for a home loan modification you must be able to pay your new payment for a period of three months. His represents the trial period.
There is some paperwork you will need to provide such as income statements, tax statements, and you must complete a modification request form.
You can also contact your mortgage lender and they will be able to let you know if you qualify.
This is a free program so you have to be aware of the scams that are surfacing.
http://www.makinghomeaffordable.gov/modification_eligibility.html
To your Great Success
Mel Richardson
Saturday, February 5, 2011
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