The best residential home relief is a Principal Balance Reduction. To explain, most homeowners when facing foreclosure are referred to the Residential Home Relief Program or the State Housing Development Authority of their State when facing preforeclosure. If one has experienced a hardship, is of low income, and/or is of minority status, this program sponsored by the Federal Government may be helpful in assisting a homeowner save their home from foreclosure. Many of these loans that can be modified are either FHA or VA type loans.
Unfortunately, not many families are aware of the criteria for loan modification. Listed below is the criteria for loan modification that you need to know so that you can begin taking action as soon as today before it is too late. Can I Qualify Even If I'm On Time With My Mortgage Payments? Yes, you can still qualify for a loan modification even if you have been on time with your mortgage,
Hardship Letter - This is an outline of the circumstances that contribute to you being in hardship. It is also a statement of plans and forecasts for saving your home. Crafting a winning hardship letter is central to your success. How To Guarantee Acceptance..Now that you have a grasp of the key qualification elements it's time for me to outline the top strategy for getting Mortgage relief programs approved.
It involves the use of a professional loan modification company. And don't worry about using one because most companies work in line with local lenders, so finding one that can help with the FHA mortgage modification program is very easy. The top companies offer an initial free consultation so you needn't worry about out of pocket costs in the preliminary stages.
Some other tools to help with negotiations involve a Forensic Audit, a Buyer's Price Opinion, or an Appraisal to help prove the real current market value of the home and/or to show possible mortgage error/fraud. You may have heard of "Show me the note lawsuits." Many mortgages were securitized and notes were never recorded properly to maintain the chain of title. There too was a lot of fraudulent robo-signing to start the foreclosure proceedings without due diligence and evaluation of documents needed to rightfully foreclose. Obtaining a Principal Balance Reduction helps everyone involved. The banks are able to take the nonperforming loans off their books, the investors earn a spread between the current market value and the negotiated sales price, and the homeowners are able to save their home and obtain debt relief. Specifically, their mortgage payments are reduced with reasonable interest fixed rates, and they can save thousands of dollars over the life of their new loan that is based on current market values.
Unfortunately, not many families are aware of the criteria for loan modification. Listed below is the criteria for loan modification that you need to know so that you can begin taking action as soon as today before it is too late. Can I Qualify Even If I'm On Time With My Mortgage Payments? Yes, you can still qualify for a loan modification even if you have been on time with your mortgage,
Hardship Letter - This is an outline of the circumstances that contribute to you being in hardship. It is also a statement of plans and forecasts for saving your home. Crafting a winning hardship letter is central to your success. How To Guarantee Acceptance..Now that you have a grasp of the key qualification elements it's time for me to outline the top strategy for getting Mortgage relief programs approved.
It involves the use of a professional loan modification company. And don't worry about using one because most companies work in line with local lenders, so finding one that can help with the FHA mortgage modification program is very easy. The top companies offer an initial free consultation so you needn't worry about out of pocket costs in the preliminary stages.
Some other tools to help with negotiations involve a Forensic Audit, a Buyer's Price Opinion, or an Appraisal to help prove the real current market value of the home and/or to show possible mortgage error/fraud. You may have heard of "Show me the note lawsuits." Many mortgages were securitized and notes were never recorded properly to maintain the chain of title. There too was a lot of fraudulent robo-signing to start the foreclosure proceedings without due diligence and evaluation of documents needed to rightfully foreclose. Obtaining a Principal Balance Reduction helps everyone involved. The banks are able to take the nonperforming loans off their books, the investors earn a spread between the current market value and the negotiated sales price, and the homeowners are able to save their home and obtain debt relief. Specifically, their mortgage payments are reduced with reasonable interest fixed rates, and they can save thousands of dollars over the life of their new loan that is based on current market values.