loanmodificationca.net

Home Affordable Modification Program

President Obama’s Mortgage Modification Program - Do You Qualify?
Published by mortgageloanmodification October 15th, 2009 in Finance.
Obama’s $75 Billion Modify Mortgage program can seem like a dream come true for many people who are at risk of losing their biggest investment - their home. But how do you know if you even qualify?
Even if you’ve been turned down by your bank in the past, you can still apply for this San Diego mortgage modification program. If you are two or three payments behind, or you foresee financial hardship in the near future, you can apply and get your mortgage payment reduced.

Here are the basic guidelines you need to adhere to in order to qualify for the mortgage loan modification plan:

The home that you live in must be your primary residence
Your total mortgage balance must be less than $730,000
Your monthly payment must equal 31% or more of your total monthly income.
Your mortgage must have commenced before January 1, 2009
Check If You Qualify.
You will obviously have to provide proof of your income and expenses in order to be considered for Obama’s Mortgage Loan Modification plan. Make sure you have all your documents, tax receipts, copies of bills, etc. to make your San Diego Ca Mortgage application. This is an extremely important step, as every applicant will be approved on a case-by-case basis.

Interested homeowners are encouraged by the U.S. Treasury Department to apply for Obama’s Home Loan Modification Plan and lenders are expecting a surge of applicants. There is no cost to apply, but it is advisable to take some time and learn everything you can about the process and what you can do to increase your chances of being accepted.

One way to increase your chances of being approved is to download The Complete Mortgage Loan Modification Guide. For a minimal charge, you will be guided step by step on what you need to do to apply, how to fill out the necessary forms, calculate your debt ratio and putting everything together in a professional looking package that you can take to your lender. This is your chance to get back on the path to financial independence.

——————————————————————————–
Source Pcql.com

Publisher- Michael Kench Uncategorized Case Basis, Complete Mortgage, Debt Ratio, Financial Hardship, Home Loan, Interested Homeowners, January 1, Lenders, loan-modification-ca, Minimal Charge, Mortgage Application, Mortgage Balance, Mortgage Loan, Mortgage Loan Modification, Mortgage Loans, Mortgage Mortgages, Mortgage Payment, Mortgage Program, San Diego, San Diego Ca, San Diego Ca Mortgage, san diego mortgage, Tax Receipts, Three Payments, Treasury Department, U S Treasury, U S Treasury Department

Attention California Homeowners-The Government’s Freddie Mac Relief Refinance Mortgage rules:

The governmenst main objective is to assit borrowers of Freddie Mac guaranteed, insured home loans, to keep their homes affordable and reduce foreclosures by keeping payments affordable. Under Freddie Mac’s Home Affordable Refinance program, known as the Relief Refinance Mortgage, the program may be used to reduce the borrower’s loan interest rate, shorten the loan term repayment period or replace an adjustable-rate mortgage, interest-only mortgage or balloon/reset mortgage with a fixed-rate loan.

How to qualify for the new refinance program, first the borrower must have an existing mortgage that is owned or guaranteed by Freddie Mac. To find out whether Freddie Mac owns or guarantees your loan, call (800) 373-3343, call your loan servicer or search for your loan on Freddie Mac’s Web site at Freddie Mac.org.

You should contact your original lender or loan servicer to apply for this program.

The property may be a vacation/second home if the existing mortgage was originated as a second-home loan or the borrower now occupies the home as a principal residence.

The new Freddie Mac Refinance mortgage can be a 15-, 20- or 30-year, fixed-rate loan or an adjustable-rate mortgage  with an initial term of five, seven or 10 years. The loan must be fully amortizing (i.e., not an interest-only or payment-option loan).

If you have an existing fixed-rate mortgage, than the lender can not refinance with an ” ARM”  Adjustable Rate Mortgage.

The loan, may be a so-called “super-conforming” loan limit within the applicable loan limit for the area.

The property may be an investment property if the existing mortgage was originated as an investment property or the borrower now occupies the home as a principal residence.
 
If the original loan is covered by mortgage insurance, the insurer must agree to transfer the insurance to the new loan.

The new loan cannot be used to make a payment on or pay off a second loan.

Lenders are encouraged to use Freddie Mac’s automated valuation model, or AVM, to estimate the property’s current market value. Borrowers should ask whether a new appraisal will be required.

The borrower may be able to finance transaction costs of up to $2,500.
Borrowers whose monthly payment increases 20 percent or more must provide income and employment documentation and have an acceptable credit score and debt-to-income ratio to demonstrate they can afford the new higher payment.

If your loan does not meet these qualifications and you can not qualify for a typical refinance program,  You may want to consider modifying your home loan with a loan modification Ca mortgage program.  This will allow you to lower your monthly mortgage payments, lower your current interest rate on your mortgage, or possibly reduce the principal balance of your home loan mortgage.

More information can be obtained at the Freddie Mae web site or at the Home affordable modification webs site.

Publisher- Michael Kench Uncategorized Adjustable Rate Mortgage, Arm Adjustable Rate Mortgage, Avoiding Foreclosure, Balloon Mortgage, California Homeowners, Conforming Loan Limit, Existing Mortgage, Fixed Rate Loan, Fixed Rate Mortgage, Freddie Mac, Home Loans, Initial Term, Interest Only Mortgage, Loan Interest Rate, Loan Modification, Loan Servicer, loan-modification-ca, Main Objective, Mortgage Insurance, Mortgage Interest, Mortgage Loan Modification, Mortgage Mortgages, Payment Option, Principal Residence, Repayment Period, Year Fixed Rate Mortgage

During the loan modification process, one of the main components of a successful mortgage loan modification program will require the submission of a Hardship letter.  It is important to provide your lender with a true picture of your situation and put the lender in your shoes in understanding your situation. Here is an example of what a Hardship letter could look like to provide you with a format for a loan modification Ca homeowners agreement on your home loan.

HARDSHIP LETTER EXAMPLE:

Date:
Borrower’s Name:
Borrower’s Address:
Borrower’s Phone #:
Our mortgage payments will be increasing soon due to our interest rate adjusting to a much higher rate. Due to the recent decline in the real estate market, we have no equity in our property.  We now owe more on our loan than what our home is worth. Currently, we are paying a total of $__________on our mortgage/mortgages. We have had no payment delinquencies.  After the rate increase in________________, we are looking to pay an additional $____________ per month. We are requesting a loan modification preferably a 30 year fixed rate mortgage with a lower payment. Ideally, we would like our mortgage payment to be $_________per month.
Although my wife and I both receive an income, my husband is the primary provider. However, with the currenteconomy, my husband, who is in the automotive industry, has not been receiving any overtime which cut his income in half. My position with the XYZ is also vulnerable at this time, with discussions of impending layoffs. We are asking for help now because we are trying to avoid an eventual foreclosure of our home. We have cut our expenses as much as humanly possible, and it is coming to a point where we are concerned about putting food on the table and can not handle a rate increase on our home loan.

We love our home and the city we live in. We would like to keep this house and raise our new born daughter here while making new memories.

Thank you for your time regarding this matter and for considering us for a loan modification Ca agreement on our home mortgage loan.

Kindest Regards,
Borrower’s Signature, Date
Co-Borrower’s Signature, Date

This should  provide you with a guideline for writing a hardship letter, just remember to be honest with your situation and you will be one step further to a successful loan modification.

Publisher- Michael Kench Uncategorized 30 Year Fixed Rate, 30 Year Fixed Rate Mortgage, Automotive Industry, Born Daughter, Delinquencies, Fixed Rate Mortgage, Food On The Table, Foreclosure, Hardship Letter, Home Loan, Layoffs, Letter Example, loan-modification-ca, Mortgage Loan Modification, Mortgage Mortgages, Mortgage Payment, Mortgage Payments, New Memories, Rate Increase, Xyz, Year Fixed Rate Mortgage