Several news outlets revealed in 2009 that FHA insured mortgage loans will be modifiable after Aug 25. This is good news for a huge number of income-strapped homeowners. It will be referred to HAMP, or the Home Affordable Mortgage Plan.
Brief aspects of the program include: modification up to 125% of home value, deferrment of principal owed through an interest-free subordinate loan (essentially a second mortgage), not due until first mortgage is paid off; buy-down of the total balance by up to 30%.
The biggest danger is that the property does not significantly increase in value before the new second is due. Given the history of the US, this has to be a safe bet.
After five different accounts of this new program, I liked this article the best.
The REST Report has proven itself the most reliable tool to ensure a beneficial mortgage modification.
4000 successes out of 4000 submissions. Spectacular.
This YouTube video says it all. Go here: How to Get A Beneficial Mortgage Modification Now
How may I help?
Powered by Fast Secure Contact Form
I read every comment. Please use the Comment box below and tell me what you think.
tags: avoid foreclosure, do it yourself mortgage modification, do it yourself short sale, foreclosure alternative, foreclosure alternatives, HAMP, Home Affordable Mortgage Plan, loan modification arizona, loan modification colorado, loan modification nevada, loan modification new mexico, prevent foreclosure, rest report, stop foreclosure, loan modification software
Originally posted 2009-07-31 20:17:57. Republished by Blog Post Promoter
{ 6 comments… read them below or add one }
The Home Affordable Modification Program is an excellent program if you can get through the application! After taking days to read & understand how to fill out & quality for HAMP I was able to lower my interest rate to 2%. The application was so confusing because they want you to fail! Now that I understand how to qualify I was able to help my neighbors get approved usually in about 30 days!
The Best location for you to start is with an skilled Realtor in your area. Your Realtor will have established relationships with local lenders who do a excellent job and get their loans CLOSED. It doesn’t price anything to work with a Realtor, as the commissions for your representation are paid by the Sellers. The greatest method to discover a great Realtor is by referral. Talk to your friends and neighbours for recommendations, and then research those people. Look at their websites, read their testimonials, and then interview them if you still can’t decide.
A skilled investor will probably do a better job of negotiating the deficiency. The best way is to enlist a realtor to list and sell the property after the investor has submirred a cash offer
The problem with this statistic is that we don’t know how many of those cancellations were because the banks ‘lost’ the supporting documents.
An early blog post two years ago: New in 2009 FHA Home Affordable Loan Modification program – http://www.mortgage-mod-monster.com/?p=54
New in 2009 FHA Home Affordable Loan Modification program – http://t.co/Ct1wUcze
{ 7 trackbacks }