President Obama's Federal Loan Modification Plan proposes to help homeowners afford their monthly mortgage payments and to stop foreclosure by either modifying the terms of the mortgage loan or refinancing the entire mortgage. Obama plan loan modification is not only intended to help homeowners in default and subject to possible foreclosure but also those that are not currently in default but whose circumstances qualify for an assessment evaluation that they are at risk of defaulting on the mortgage payments. Under the Plan, however, the bulk of the funds will be provided to investors and lenders that will be provided certain incentives to help homeowners to stop foreclosure, but still not forced to participate in the Plan. Currently under the United States Bankruptcy Laws, homeowners cannot modify second mortgage real estate loans secured by their homes. The Modification Plan proposes an amendment to the Bankruptcy Code allowing the Court to modify the terms of the mortgage based on the value of the property and the borrower's ability to pay, that way helping more homeowners to stop foreclosure.
Homeowners who are stuck in unaffordable mortgages are encouraged to begin the loan modification application process right away. Even if you have already applied or been turned down for a GMAC loan workout, you may re-apply for this federally subsidized program. The lender must consider every applicant, and they are now more motivated to assist qualified borrowers. GMAC will be paid an upfront payment for each completed file, and the Treasury Department will share in some of the lost revenue resulting from the new loan terms.
Qualified borrowers will also be paid to participate in this GMAC loan modification program. Homeowners who maintain the new modified payments with no delinquencies will be paid up to $5000 over 5 years. This incentive to succeed will be credited directly towards the loans outstanding balance. Do you qualify for the GMAC Home Affordable loan workout? If you can answer yes to these questions, you are encouraged to begin the application process.
Each lender would determine whether the cost of the foreclosure would be greater than the cost of a modification. Where the cost of foreclosure is less, the loan would not qualify to and the lender is not forced to modify. Obama Federal Loan Modification Plan also contains a financial hardship-counseling component for those borrowers who need help because of debt in addition to the mortgages. Those borrowers who have total debt equal to 55% or greater of their monthly income are required to enter into a debt-counseling program before qualifying for a loan modification. Because home values have fallen so dramatically around the country, Obama Federal Loan Modification Plan simply does not apply to over an estimated 15 million homeowners whose mortgage loans far exceed the current home value. Because the homeowner still needs to qualify for a refinance or modification even at lower rates, those families facing default due to lack of sufficient income from unemployment or illness will not be able to stop foreclosure under the Plan.
Even if you don't qualify for the Obama Federal Loan Modification Plan you may still be able to stop foreclosure for a very long period of time in most cases over 2 years and a half, even without paying any mortgage monthly payments. This could get you the time you need to get back in your feet and qualify for a loan modification program.In order to do this you need to know how to proceed and what to do in every situation, otherwise you will get foreclosure in a very short period of time, loosing your home forever. Once you know how things work, and how certain laws protect you against lenders, you will be able to stop foreclosure and stay in your home for a very long time, and best of all, you do not have to pay lawyers or agencies, when you know what they don't want you to know, you will do this all by yourself.
Homeowners who are stuck in unaffordable mortgages are encouraged to begin the loan modification application process right away. Even if you have already applied or been turned down for a GMAC loan workout, you may re-apply for this federally subsidized program. The lender must consider every applicant, and they are now more motivated to assist qualified borrowers. GMAC will be paid an upfront payment for each completed file, and the Treasury Department will share in some of the lost revenue resulting from the new loan terms.
Qualified borrowers will also be paid to participate in this GMAC loan modification program. Homeowners who maintain the new modified payments with no delinquencies will be paid up to $5000 over 5 years. This incentive to succeed will be credited directly towards the loans outstanding balance. Do you qualify for the GMAC Home Affordable loan workout? If you can answer yes to these questions, you are encouraged to begin the application process.
Each lender would determine whether the cost of the foreclosure would be greater than the cost of a modification. Where the cost of foreclosure is less, the loan would not qualify to and the lender is not forced to modify. Obama Federal Loan Modification Plan also contains a financial hardship-counseling component for those borrowers who need help because of debt in addition to the mortgages. Those borrowers who have total debt equal to 55% or greater of their monthly income are required to enter into a debt-counseling program before qualifying for a loan modification. Because home values have fallen so dramatically around the country, Obama Federal Loan Modification Plan simply does not apply to over an estimated 15 million homeowners whose mortgage loans far exceed the current home value. Because the homeowner still needs to qualify for a refinance or modification even at lower rates, those families facing default due to lack of sufficient income from unemployment or illness will not be able to stop foreclosure under the Plan.
Even if you don't qualify for the Obama Federal Loan Modification Plan you may still be able to stop foreclosure for a very long period of time in most cases over 2 years and a half, even without paying any mortgage monthly payments. This could get you the time you need to get back in your feet and qualify for a loan modification program.In order to do this you need to know how to proceed and what to do in every situation, otherwise you will get foreclosure in a very short period of time, loosing your home forever. Once you know how things work, and how certain laws protect you against lenders, you will be able to stop foreclosure and stay in your home for a very long time, and best of all, you do not have to pay lawyers or agencies, when you know what they don't want you to know, you will do this all by yourself.
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