Home Loan Modification – Obama Offers Real Hope For Home Owners

April 20th, 2022 by admin Leave a reply »

If you are a homeowner having difficulties making your month payment then President Obama’s Home Affordable Modification Plan offers you tangible assistance, not just inflated hope. The The Making Home Affordable Program requires that loan servicers and lenders who are insured by Government funds to participate. Home Affordable Modification Program (HAMP) and the Second Lien Modification Program (2MP) are two components of the plan and all servicers who are supported by Freddie Mac, Fannie Mae, or HUD must comply with the requirements of the program, which include offering the opportunity to their borrower’s prior to foreclosure proceedings.

Texas Home Loan modifications are designed to reduce the borrower’s monthly payments, bringing them down to 38% of the borrower’s gross monthly income. That’s fantastic news for most Americans. Better still the government will assist in bringing the borrower’s payments down to a figure no greater than 31% of the gross monthly income by contributing funds to the monthly payment.

You may have already received a letter in the mail regarding the home loan modification program from your loan service provider. If you have not and you are late, defaulting, or in foreclosure and in need of immediate relief then by all means contact your loan servicer and request the forms. Once you have filled out the loan modification form and attached a letter of hardship you are halfway there.

If you feel, however, that you are inadequately prepared to handle the modification yourself be aware there are vendors available to help. Texas Loan modification companies are available to handle all of the paperwork and communications with the loan servicer for you. Vendors usually have former loan officers or retired government workers who are more familiar with the ins and outs of the mortgage industry and are well-knowledged and able to assist you with the modification. Texas Loan modification companies can be used to handle the process or just assist you with any question you may have.

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