Full Disclosure and Shows of Good Faith
You need not suffer the shame, humiliation, and hardship of foreclosure on your home. Apply for a home loan modification.
More than 2000 hardworking American families will lose their homes tomorrow. For some, the foreclosure process had proceeded too far or the circumstances were too desperate for the people to prevent the disaster. For most, however, foreclosure results from circumstances well beyond their control; the prospect of homelessness looms despite the fact that they have done everything right.
Many families facing foreclosure, however, fail to recognize or fail to act on the federal government's offers of either home loan refinancing or modification. These programs, part of President Obama's economic stimulus package, can save both their homes and their dignity. If you are in jeopardy of foreclosure on your Fanny May or Freddie Mac mortgage, contact your local office of Housing and Urban Development, and begin the process of applying for a federally subsidized home loan modification.
Your lender wants to assist your home loan modification.
Your lender has every good reason to assist you as you prepare your documents and make your case for a home loan modification. Your lender especially can help with documenting your financial history, showing that your monthly mortgage payment escalated to considerably more than 31% of your monthly gross income. Especially if you bought the house with an adjustable rate mortgage that changed rates just as your ability to pay decreased, you will meet the government's qualifying criteria. Your lender prefers you qualify for assistance and pay regularly on a modified mortgage; your lender does not want another devalued home among his assets.
HUD assists with home loan modifications.
The Office of Housing and Urban Development administers the government's home refinancing programs, and its agents are specially trained to help homeowners meet the programs' requirements. Develop a healthy, productive working relationship with your local HUD representative, helping to assure your qualification for refinancing or mo
Author: Craig Jones