If you have a foreclosure looming you need to find out if a government loan modification is a solution to stay in your home. When you work with your lender to modify the terms of your loan so that you can afford the payments, a foreclosure can be avoided. The federal plan, Home Affordable modification or HAMP, is available to qualified homeowners and features aggressive options that result in a low affordable payment. Could you qualify for help under this program? If the foreclosure clock is ticking, you need to find out about your options now. Here is some information to help you.
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Even if you have applied previously or been turned down for a loan modification, you may be eligible for Obama's plan. You are entitled to apply and must be considered for eligibility if your lender is participating. How do you find out if your bank offers this program? You can either visit their website or look it up on the government site, homeaffordable.gov. If you qualify, the foreclosure will be stopped and get to stay in your home with a new affordable payment. Here are the basic requirements for loan modification approval:
You must live in the home as your primary residence Your loan must have been taken out prior to January 1, 2009 The loan balance must be less than $729,750 Your current house payment (including taxes, insurance and homeowners association dues) must equal more than 31% of your gross monthly income You must be facing a financial hardship situation-loss of income, increased expenses, divorce, military service are just a few acceptable reasons
If you can meet those requirements, you may be able to stop foreclosure with a loan modification. Your interest rate could be reduced to as low as 2%, and your missed payments could be included in the new loan. The first step is to contact your lender and ask to be considered for the Home Affordable Plan. Be sure that you are prepared to complete the application forms correctly and can provide the required documents to your lender so that your answer is not delayed.
Even if you are unemployed, you may be able to receive relief from high mortgage payments under the government plan. The FED is anxious to stop the ever increasing foreclosure rates by offering help to keep borrowers in their homes. The idea is to give unemployed borrowers a greatly reduced payment while they find a new job. This is a temporary reprieve, usually for 6 months to allow time to get back on track.
The government loan workout plan uses a standard 4 step formula to determine if you qualify. You can learn and use this very same formula to help you prepare your own acceptable loan modification application! If you are confused about how to calculate your own debt ratio, new target payment or asset ratio, then you might want to use a software program designed specifically to help homeowners apply for HAMP. All you need to do is input your own monthly income and expenses and all the required calculations are done automatically for you. Best of all, you see immediately if you need to make any adjustments to your budget in order to fit into the HAMP guidelines for approval. You can save hours and avoid mistakes by using this great tool.
You do have some control over whether you will qualify or not. Work on your financial statement ahead of time and then make any necessary adjustments to your budget before your lender ever reviews it. When you prepare a correct and complete loan modification application you are giving yourself the best chance of success. Facing the possibility of losing your home is frightening, but if you are serious about doing what it takes and investing some of your time and energy, you can learn how to get the second chance you need and deserve.
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