Save Hundreds Each Month with a Loan Modification

We all want lower house payments and Banks want lower foreclosure rates.  How do we do this? Get yourself a Home Loan Modification.

A loan modification is simply a modification of the existing loan, not a refinance.  Lenders are lowering the interest rate, extending the term, and (on limited cases) a principle reduction.   All mortgages can be modified including 1^st mortgages, 2^nd mortgages, HELOC’s, Rental, Investment, and Commercial properties.  Refinancing requires all the documentation required to obtain a new loan.  We have all been through that, and quite frankly most of us won’t qualify with the new lending guidelines and besides the house probably won’t appraise…

Lenders are just now starting to implement the $75 Billion Obama Plan – “Homeowner Affordability and Stability Plan”.  Participating lenders are receiving cash incentives for each modification.  This plan calls for the modification of the borrower’s primary home’s 1st mortgage and who are in a financial hardship.  Borrowers are being qualified on the basis of 31%HTI (Housing to Income Ratio).  To qualify, the lender can reduce the interest rate or/and extend the term up to 40 years to reach the 31%HTI.   In some cases they can reduce the principle, but are not required.  You will need to prove the ability to pay the modified payment and have a willingness to stay in the home.

You have now decided to do a loan mod.  What next…

Never, and I repeat Never pay someone or business requiring you to pay upfront.  These are possible scams.  Anyone can do a Loan Mod and they do not need to be licensed.  You can do this yourself.  Call your Lender’s Loss Mitigation Department. Do not call the Customer Service Line on your monthly statement, as these people are bill collectors and will not help you.  Explain to them your situation and they will guide you through the process and let you know if you qualify. For more information, please contact your Realtor.

Not everyone will qualify and for some it may just not make long term financial sense.  But most do have the opportunity to save hundreds of dollars each month and continue to support the wonderful communities we live in.

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