A Loan Modification creates a permanent change in one or more of the terms of a mortgage loan, allows the mortgage loan to be reinstated, and results in a payment the mortgagor can afford. This is a great tool to reduce monthly payments to make a home more affordable in today’s economic climate. The most common loan amendments include: New interest rate as low as 2%; Past due payments brought current over a period of time and Principal balance forbearance.
HAD works hand in hand with HUD approved housing counseling agencies to assist homeowners with loan modifications. By referring this type of business to HUD approved agencies, homeowners receive the benefit of working with licensed and trained modification counselors.
HAMP 2.0 starts in May, 2012. Key changes to the federal program will now allow for investment properties to qualify. Also, the treasury has tripled the incentives for lenders to write down principle balance reductions on underwater mortgages.
If a homeowner is delinquent on their mortgage and would like to save their home, a modification can be a great tool to bring the loan current and make the monthly payment affordable. It has been one of the most popular foreclosure alternatives and work out solutions. If principle balance reductions become popular, this program could significantly help the Florida housing crisis.
Our firm has recently partnered with the local NBC station, WPTV. A special qualification page was created to help WPTV viewers receive a prescreen for qualification.
Call our homeowner hotline for a free consultation now!