Can You Take Advantage Of The Government Modification Or Refinance Programs?
The government is currently offering home owners great incentives that could help derail many of the foreclosures or financial hardships people are headed towards.
The program is called Making Home Affordable. It offers home owners the option of refinancing their current loan balance or making a loan modification…
A Few Qualifications For The The Refinance:
- Your current loan is owned by Fannie Mae or Freddie Mac.
- You are current on your mortgage payments.
- Your income is sufficient to support the new payments.
- The loan on your home does not exceed more than 105% of the homes current market value.
- MORE HERE…
A Few Qualifications For The Loan Modifications:
- Have an owner occupied unit with an unpaid balance of up to $729,750 for one unit properties.
- Have a loan originated before January 1, 2009.
- Have a mortgage payment (including tax, insurance, HOA fees) that are more than 31% of your gross monthly income.
- MORE HERE…
If you are experiencing financial hardship or have an interest rate that is about to mature, this program could be perfect for you. If you do not qualify for one of these programs foreclosure is not your best option. If you are interested in discussing other options contact me…
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All information is deemed reliable but should be verified for accuracy.
while alot of these modifications are leinent (such as the 105% value allowance) The income qualification may be too much for some. (As before the bubble burst some home applications were based on stated income) Im not sure what the legal consequences are if an applicant had falsely put an income that was higher than what was being made to qualify for the housing.
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