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

5 Reasons California Loan Modifications Are Going Bad Again

In 2009 more loan modifications are going bad. Why?  To many borrowers that were at the mercy of their lenders accepted mortgage modifications that were not in the borrowers best interest.  Most home owners when presented with a loan modification Ca program  did not know how to negotiate better terms and accepted the first offer that was presented to them.  The loss mitigation representative who is negotiating the modification is representing the bank and has the lenders interest that they represent and they are trying to achieve a home loan mortgage modification that is in the lenders best interest and not necessarily the borrowers best interest.  So it is important to way all options before you accept a loan modification proposal on your home loan.

There are other factors that are affecting loan modifications to go bad which have caused some borrowers to give up and throw in the towel.  5 of the reasons are as follows

 
5 factors behind the trend:
1. Overextended borrowers: With the ease of credit and negative-amortized, adjustable, pick-a-pay, interest only loans.  Many unknowing borrowers were led into the American Dream of home ownerships, with ease of qualifying, the fear that many first time homeowners would simply miss the boat of owning a home with the rise in real estate values and the speculative gold rush of of home appreciation.  Many borrowers not only fell into the real estate trap, but also overextended their consumer credit cards, personal loans and luxury items. Unfortunately many of these over extended consumers won’t be able to make their payments even in the most generous of loan modification Ca programs.
2. Underwater effect: IN several parts of the country for example California, housing prices have declined over 50 % in value and borrowers are having a hard time trying to deal with making a mortgage payment on an asset that is not worth nearly what it was when they bought it.  And in most cases even if they were to have they mortgage modified it would not address the negative amount of equity in their homes and know one knows when values will increase again.
3. Housing Market decline: Has the home market reached a bottom yet?  Is the housing market going to continue a decline?  These are questions that troubled homeowners have to deal with in deciding if the loan modification Ca program they received is worth paying into an investment that will continue to devalue.  Historically speaking real estate prices have increased in value over time.  Unfortunately we do not have a crystal ball that will tell us when home prices will return and home appreciation will become a benefit of home ownership.  One thing most homeowners need to remember is that they will need shelter, and it may be better to own a home in the long run than to rent, taking into account that your home is still one of the only tax write offs you have and that if you get a loan modification that will work for you short term and long term you should focus on paying down and eventually off your mortgage so you can own your home free and clear. Owning a home without out payments and with the benefit of future appreciation.
4. Original Loan Modification Ca terms: Some of the modified loans weren’t modified appropriately to make them affordable for troubled borrowers.  The loans could have been adjusted to more in line with the borrowers debt to income ratios to make there loan payments more viable for long term success.

5. Unemployment: This is another major cause of defaults on loan modification programs. Many homeowners who were successful in obtaining a mortgage loan modification were unable to maintain their mortgage payments due to a loss of employment, decrease in income, or other unforeseen events, which made it impossible to keep up with payments or to do another loan modification on their home loan.

Publisher- Michael Kench Uncategorized American Dream, Avoiding Foreclosure, Best Interest, Borrowers, California Loan, Consumer Credit Cards, Example California, First Time Homeowners, Gold Rush, Hard Time, Home Appreciation, Home Loan Mortgage, Interest Only Loans, Loan Modification, loan-modification-ca, Loss Mitigation, Luxury Items, Mortgage Loan Modification, Mortgage Market, Mortgage Payment, Ownerships, Owning A Home, Personal Loans, Posal, Real Estate Values, Underwater Effect

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