Do You Qualify for the New Mortgage Refinance or Loan Modification Program? Find Out!

Making Home Affordable is a new government program designed to help keep people in their homes by lowering monthly mortgage payments for qualifying homeowners. The plan is projected to help somewhere between 7 and 9 million homeowners all across the United States by either refinancing or modifying their mortgage. Do you qualify for the Making Home Affordable program?

There are a few simple questions that will help determine if you are eligible to participate in the Making Home Affordable program. There are two different parts to the Making Home Affordable program, the mortgage refinance and the loan modification.

The Making Home Affordable refinance program targets homeowners who are current on their mortgages, but are currently unable to refinance to a lower rate due to a drop in the value of their home. This plan targets those homeowners who have loans held by Fannie Mae or Freddie Mac and whose owe approximately the same or less than the current home value. Here is a quick set of questions to see if you qualify for the Making Home Affordable refinance program:

1. Is your home your primary residence?

2. Do you have a Fannie Mae or Freddie Mac loan? If you are not sure, you can find out if you have a Freddie Mac or Fannie Mae loan.

3. Are you current on your mortgage payments? Current means that you have not been more than 30 days late on your mortgage payment over the past 12 months.

4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

If you answered yes to all four of these questions, then you may be eligible for the Making Home Affordable refinance program. You can find out more about the mortgage refinance program 
If you answered no to any of these questions, then you will want to find out if you qualify for the second part of the Making Home Affordable - the loan modification plan. This plan is for homeowners who can no longer afford their mortgage payments due to an increase in interest rates, a decrease in their income, or a financial hardship such as medical expenses. This plan works for those who are current on their mortgage, or those who are behind on their mortgages. Here are four basic questions that will help to determine if you may be eligible for the loan modification plan:

1. Is your home your primary residence?

2. Is the amount you owe on your first mortgage equal to or less than $729,750?

3. Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?

4. Did you get your current mortgage before January 1, 2009?

If you answered yes to all four of these questions, then you may be eligible for the Making Home Affordable loan modification program. Find out more about the Making Home Affordable loan modification program  you answered no to any of these questions, then you still have some options available for avoiding a foreclosure.

You can find out more by visiting the Making Home Mortgage Affordable website, the number one informational resource on the Making Home Affordable program.

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Can My Mortgage Be Refinanced Under Obama and FHA's Revised Home Loan Modification Program?

With foreclosure bugging many of us out there, the government had previously come up with the Loan Modification Plan through the President's office to assist those facing this dilemma of how to salvage their homes. This plan however faced heavy criticism from almost all quarters for the lengthy application process attached to it, as well as the low approval rates for those applying for them, in addition to other complications.
The President and his office were quick to realize this issue, and rectified it by revising the Loan Modification Program to help struggling homeowner cope with foreclosure issues. The homeowners' bid to refinance home mortgage would in the future be approved more easily, and the program has also included newer features within it to help struggling homeowners further. Now even the unemployed are offered subsidies, and those who have borrowed more than the worth of their homes can also apply for subsidies to help them cope with refinancing.
The revised program would increase the amount of payment to creditors that modify or refinance second mortgages. This incentive is deemed to directly help homeowners as previously banks were reluctant to write down second mortgages, and this dampened the government's efforts to help homeowners fight foreclosure. Thus if you fall into this category, your second mortgage can now be refinanced as more banks would come forward to accept your application! The applications would also fall into the FHA guarantee programs, giving the bankers more confidence to deal with those with bad credit scores. This means those with bad credit ratings can also apply for these loans successfully, and these packages serve as bad credit mortgage refinance deals!
And if you are currently unemployed and struggling to find lenders to help refinancing efforts, the Treasury has agreed to help unemployed homeowners bring down their mortgage payments for up to 6 months while they find another job. Existing incentives have also been added for borrowers with loans that are FHA-guaranteed, and there is also the new benefit of relocation incentive payments for those that are forced to move out of their homes. For the lenders, the Treasury will offer further incentive when loan modifications are accomplished. The Troubled Asset Relief Program will fund these new additions for the Loan Modification Program (reportedly USD 700 billion), while another USD 14 billion will be set aside for FHA's guarantee programs.
Homeowners should now find it a lot easier and appealing to refinance their homes with these incentives from the federal government as the public and the government combat foreclosure together.

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Global Mortgage Financials - Loan Modification Orange County - www.gmfinacials.com

Lenders do not want your home or the hassles and costs associated with foreclosure. Global Mortgage Financials are experts at negotiating with your bank or lender. for more info visit: www.gmfinancials.com



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Loan Modification South Florida Mortgage Company Home Loan Modifications Companies

South Florida loan modification services, at home to avoid foreclosure with a mortgage and help save the change to keep your home. refinancing short to fit in place of foreclosures made a lot of credit programs, the need for each individual, you change your mortgage.



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Mortgage Modification

www.Modifications.com Mortgage loan modification can stop foreclosure and save your home. Mortgage modification is your answer to late payments and debt relief. free consultation to discuss Mortgage loan modification options 1-866-332-8595.



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Loan Modification - Save Your Home - MSNBC Special Report!

Please visit www.abcloanmodifications.com for your loan modification source!



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Loan Modification, Home Loan Modification, Mortgage Loan Modification, Mortgage Modification

realestatemarketingthisweek.com - Watch out for scams; huge fees for Loan Modifications -- Part 7 - Important to point out folks that Velocity Financial is a full service mortgage broker, the majority of our business is writing and originating and underwriting mortgage loans for homeowners, people to buy real-estate, people to refinance their homes, people can still refinance out there, loan modifications are not for everybody, in fact they are for a small segment of the market. Im the founder of the Modification Hotline and we put that in place to help people right now, people dont need a salesman when it comes to these loan modifications, I heard a story today from a home owner that I just couldnt believe, this person that is trying to get loan modification told them that she had to pay them $1500 a month for 4 months and by the time she was finished paying them they guaranteed her some kind of ridiculous, I just dont understand why it is like that. Right now we need to help you get through the situation, we are here for you, we are going to do everything in our power with our national network of attorneys, who are expert negotiators, so it is important that you call. I just want to make the distinction so it is clear for everybody, Velocity Financial is a full service mortgage firm, all things mortgage related and the concept of todays show being loan modification program is a division of something that you kind of created and had some foresight about all of these ...



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Mortgage Loan Modification and FHA Home Refinance - How to Qualify

What is loan modification?
In simple terms, loan modification means changing the original terms and conditions associated with a particular loan, and negotiating with the lender for a new set of terms and conditions, which makes it easy for the borrower to repay the loan. While signing a loan agreement, the lender states certain aspects of the loan like the rate of interest at which the borrower has to repay the loan, what the monthly payments are going to be, what is the duration of the credit facility, and in case of defaults what kind of penalties or fines the borrower is liable to pay. At times, the borrower finds it difficult to keep the terms of the loan agreement due to various reasons such as a job loss, unexpected expenditure, a divorce settlement etc, and cannot make the monthly loan payments.Through loan modification program it's possible to change the monthly installment amount by reducing it, or seek a waiver for the late fees or fines. It's also possible to change the interest rate of the loan.

During the process, the borrower has to negotiate with the bank or the lender to redraft or modify the loan agreement. This requires certain skills as far as the negotiation process is concerned, since the lender has to be properly convinced to negotiate, and the average lender does not desire to suffer any loss by giving discounts or waiving the interest charges. Loan modification companies make this possible by through their service.

Availing a mortgage loan modification

Certain conditions have to be met to qualify. They include:

The net income is reduced or lost due to any reason such as a job loss, salary reduction, a failed business etc.
The household conditions change due to the death of the borrower or the co-borrower, death of a relative, unexpected medical expenses or childcare expenses etc.
The net payable monthly dues become excessive due to improper usage of credit cards, an inability to pay off an unsecured personal loan, an increase the utility bills, and even increased taxes.
The cash reserves of the borrower decrease, or are not sufficient enough to cover the existing mortgage payments.

FHA Home Refinance

Mortgage refinancing is similar to a mortgage loan modification in many ways. Through the FHA streamline refinance program, the FHA allows a modification or refinancing on insured mortgages. The word "streamline" in "streamline mortgage refinance" type of loan indicates that some of the conditions stated in the loan document can be altered, or changed, to make the mortgage more "streamlined" for successful repayment of the mortgage loan. FHA supports these kinds of facilities by providing FHA home refinance loans. It's easy to qualify for these kinds of loans. It's also recommended to study the Obama's Loan Modification Plan which supports the FHA.

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Understanding Obama's Home Mortgage Refinance Or Modification Stimulus Plan

The recent announcement of President Obamas "Making Home Affordable" plan will allow millions of current homeowners the chance to refinance or modify their home loans into new 2% fixed rate mortgages. The savings, through interest alone, easily add up to hundreds of dollars per month. Here is how this $75 billion housing bailout plan works:

-Homeowners who have seen their home or property values drop by 15% or more as a result of this housing crisis, are in luck. Millions of homeowners who purchased their home in the past few years now are stuck with mortgages that are actually worth more than the home. Now, you will still be approved for a 2% fixed rate finance even if you owe up to 5% more than your home is actually worth.

-Homeowners who have been able to make every one of their mortgage payments on time and in full for the past 12 months, or longer, in a row, can now refinance into the Government backed fixed rate 2% home loan. All homeowners will qualify for this refinancing part of the "Making Home Affordable" plan as long as you have not been late or missed any payments.

-"Financial Hardships" such job loss, income loss or reduction, hospital bills or tuition payments, high interest debts, or a whole list of other things will help a homeowner qualify and be approved for a home loan modification. This loan modification will allow homeowners who have missed or been late on a few mortgage payments and are struggling financially. Include a handwritten letter stating your "Financial Hardships" and hand sign it. Attach this letter to your loan application for a 2% fixed rate, government backed, home mortgage loan modification.

-A homeowner who is lucky enough to have a mortgage financed or backed from Freddie Mac or Fannie Mae will be automatically eligible, regardless of your financial situation, for a 2% home loan refinance or modification. This is possible, again, because of President Obama's and the Federal Governments "Making Home Affordable" plan.

By taking advantage of this great time for refinancing or loan modification, a homeowner can easily save hundreds of dollars every single month, in interest savings alone. This easily adds up, in most cases, to tens of thousands of dollars in savings over the course of the mortgage, which is usually 30 years. Homeowners who are having financial problems, or think there mortgage payments are too high and they could do better, should look into the potential savings refinancing or modification of your home loan are. Odds are, especially using this "Making Home Affordable" plan, you will qualify for a much better home mortgage than you have now.

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Obama's Home Mortgage Refinance Or Modification Plan For 2009

President Obama is ready to help millions of homeowners save hundreds of dollars every month, or even their home from foreclosure. The recently announced "Making Home Affordable" plan will allow homeowners to obtain 4% fixed rate home mortgages. Getting approved for help is easy, and here is how:

- A homeowners mortgage must have less than $729,500 remaining on the balance.

- If a home loan is financed or backed in any way by Fannie Mae or Freddie Mac, the mortgage is automatically eligible for a 4% modification.

- If a homeowner has been able to pay their mortgage payments on time and in full for 12 consecutive months, they will be eligible to refinance their home loan into a 4% fixed rate mortgage.

- Homeowners who have missed or been late on mortgage payments within the past year will be more likely approved for a home loan modification. A "Financial Hardship" letter will need to be included stating your financial problems, bills, income, and other financial problems.

- A lot of homeowners are in the beginning stages of the foreclosure process. For a homeowner who is facing foreclosure, a fast track home mortgage refinance or modification will be allowed in order to increase the chances of the homeowner being able to keep their home.

- A home can be worth up to 5% less than the actual mortgage is for. This helps a lot of people who have bought a home in the past few years and have since seen their property values plummet due to the housing crisis.

- Monthly mortgage payments which are modified under this plan will not be over 31% of the homeowners gross monthly income. A lot of homeowners pay over 50% of their income toward their home currently and a 20% savings would mean huge savings.

Right now is a great time for millions of homeowners to take advantage of this plan and refinance or modify their home loans and save money. The money can be used to reduce other debts, improve your home, or for whatever you can think of. It will not hurt you at all to consider refinancing or modification of your mortgage and see the potential savings that you may be able to get.

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Loan Modification Expert Moose Scheib on Fox News with Neil Cavuto

Loan Modification expert and CEO of LoanMod.com, Moose Scheib discusses the current foreclosure crisis and the role loan modifications have in stabilizing the housing market on The Neil Cavuto Show on January 7, 2009.



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Mortgage Refinance Vs Loan Modification - What's the Difference?

There is an important distinction that homeowners must be aware of: mortgage refinance versus loan modification.  A mortgage refinance option is available for homeowners who are current on their mortgage, but want to take advantage of the new, lower market rates on mortgages. Refinancing rewards those who have proven themselves to be trustworthy borrowers. 

On the other hand, a loan modification is for those who can no longer afford to make payments on their current mortgage, although they need not be delinquent when they apply for a loan modification.  The loan modification is designed to alleviate the burden of a mortgage for those who are experiencing financial difficulty.  The terms of the loan are modified in so that the borrower is paying less in the short term, but for a longer period of time.

When you signed your original mortgage, you most likely had an attorney present to read over every document and represent your interests, and your interests only.  Plus, your attorney probably translated all of the legal jargon in the documents into plain English for you.  If you want to refinance your mortgage, then you will want someone to represent your interests, to make sure you are getting the best deal, and those documents haven't gotten any easier to read since your last mortgage. 

The lender is doing you a favor here, so there is no incentive for the lender to look out for your interests.  Chances are, if you used an attorney when you signed your original mortgage, that same attorney will have a relationship with the lender that will ensure open and prompt communication between them.  As in many legal situations, an attorney is never necessary, but is the best insurance policy you can buy should anything unusual arise. 

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Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 7 Nov08 Bankruptcy & Insolvency

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To RealEstateMarketingThisWeek.com Part 7 (Excerpt) Beware of grandiose claims when dealing with a loan modification firm. You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. So they really understand what this means to them. You have three strategic partners, each of them experts in their field, sitting around these microphones in the studio talking about how these factors have an impact on the listening public, the people listening to this station right now. Velocity Financial is an expert in all things mortgage related. It represents the largest asset many people have in terms of their home. What were talking about is, we know the economic pain that exists, you probably read that Arizona has the dubious distinction according to the Case-Schiller index of having the highest property value declines in the country. People are feeling some pressure here and for those people who want to consider what a loan modification might do for them, should call you and talk about what that represents. Then from there, you can refer them to people like Mike Patenella to talk about the tax ramifications, Mike can speak to some of those items and I can talk about their overall financial planning ...



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New Stimulus Plan Mortgage Refinance Or Modification Options

New mortgage refinancing and modification options are available for the millions of homeowners at risk of losing their home. These options exist because of the bad economy, tough housing market, and President Obama's stimulus plan. Millions of homeowners can use this plan for themselves to get an affordable monthly home loan payment, and save their home from being lost.

Right now, foreclosures and mortgage defaults are at all time highs. This is leaving mortgage lenders and banks with many homes that are worth near nothing, and leave little to no room for profit. In fact, in this market, many of these foreclosed homes will actually end up costing the lender or bank money. Also, every time a home is lost, the surrounding neighborhood feels the effects. This can, and has, started driving down home prices, leaving even more homeowners at the markets mercy.

Many struggling homeowners got into their homes when times were good. Just a few years ago, the housing market seemed to be a sure investment, and homeowners had no fear getting into an ARM loan due to believing the homes value would increase. Restrictions on getting a mortgage were lax, and many homeowners got approved for loans which they realistically could not afford. As the housing market started losing its value, many homeowners were put into a bad situation. The effect has been felt, and homes are being lost to foreclosure or mortgage default at a record pace.

President Obama and his administration have realized the problems, and in an effort to help, have enacted the "Making Home Affordable" stimulus program. This stimulus plan will allow all homeowners the chance to save their home, and get a refinancing or mortgage modification into an affordable monthly payment. Under the guidelines of this program, mortgage lenders and banks will receive cash incentives when they help a struggling homeowner. This money will enable the lender or bank to approve more homeowners, and give them a reason to do so. This money will also cover potential losses a lender or bank assumes when approving a homeowner, giving a further benefit to homeowners who need help. The stimulus program says that a homeowner who receives help from a lender or bank will not have a mortgage payment that is more than 31% of their gross monthly income. This 31% includes mortgage insurance, taxes, and other fees or costs. Many homeowners will immediately benefit from this lowered payment. In order to get payments this low, a lender or bank can reduce interest rates, extend the mortgage length, or both.

Homeowners who are in foreclosure, have missed mortgage payments, or who are facing financial hardships are eligible to use this plan for mortgage refinancing or modification. Financial hardships such as loss of job, loss of some income, hospital bills, bad mortgages, or other problems need to be noted. A homeowner who wants to use this plan needs to write a letter of financial hardship. This letter should state why your problems are the way they are, and what you are planning to do about them. Also include in this letter the reason why it is so important to you that you save your home. This letter will actually improve the chances of you getting the help you need. Homeowners who are in foreclosure will see the process immediately stopped once they use this stimulus plan for themselves.

Many people can easily save their home from being lost, a lot of money, or both. This plan has over $75 billion to help homeowners. Many people are scared of refinancing or mortgage modification, but it is now easier than ever to do. Take action now before your situation gets worse.

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President Obama's Mortgage Refinancing and Modification Stimulus Plan

President Obama and homeowners everywhere are very aware of the tough economic times that the country is going through. These tough times are leaving millions of homeowners struggling to make their monthly loan payments. Housing and property values have rapidly declined, and the record number of foreclosures makes the situation even worse, leaving surrounding properties and homes with a lowered value, by as much as 9% in some cases. A lot of homeowners now actually owe more than their home would be worth on the market. In order to fight these problems, the Obama administration introduced their $75 billion housing refinance and modification bailout plan. The plan, announced this past March, and is just now getting into full swing.

A lot of homeowners do not have the 20% equity typically needed to properly refinance or modify a home loan, and this is due in large part to the struggling housing market. Luckily, this Obama stimulus plan will make refinancing or loan modification easier than ever for homeowners to be approved for. This plan will also offer a lot of homeowners who are facing foreclosure the chance to save their home, and be able to keep it with manageable monthly payments.

Overall, this plan should enable over 9 million homeowners the chance to avoid foreclosure, lower their monthly interest payments, and possibly save their home from foreclosure. This will happen due to mortgage lenders and banks being given cash incentives from the Government for every homeowners who uses this plan to their advantage. These cash incentives will minimize the lenders or banks risk and enable them to approve more homeowners for a home loan refinancing or modification. Now the terms and conditions of being approved for a modification or refinance are more flexible and forgiving than ever before.

Homeowners who are worried about not being able to pay their monthly mortgage payments should immediately speak with a mortgage lender or bank and get more information on this home mortgage refinancing and modification stimulus plan from President Obama. The savings are easy to get, and could save you a lot of money every single month, or more importantly, your home from foreclosure.

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Mortgage Loan Modification - Can You Do it Yourself?

The Treasury Department is encouraging homeowners to contact their lenders directly to apply for a loan workout. But homeowners are confused, how do you qualify for mortgage loan modification help? Is this something they can do themselves by contacting their lender or should they pay a company to represent them? How to get the information needed to make a wise decision?

Mortgage loan modification is Greek to most homeowners-and with good reason. In the past, loan workouts were only offered rarely and in the most dire of circumstances. Even then, the modified loans offered little in real relief to the borrower. Now, that has all changed. The housing crisis and mortgage meltdown has created a demand for streamlined solutions to homeowners stuck in loans they don't understand and cannot afford. A mortgage loan modification can be a solution to struggling homeowners unable to refinance or sell their home.

But how do needy homeowners find out if they even qualify for a mortgage loan modification? Is it something they can do themselves or do they have to pay thousands to a company or attorney? How do you even know which company to hire? It is all very confusing and frustrating. The best step a homeowner can take is to learn as much as possible about the loan modification process. Before making a decision affecting home and family, some knowledge and preparation is the wisest move. There are a lot of companies out there ready to take money from vulnerable homeowners, and even attorneys have gotten into the act-with dubious advertising and overstated and unsubstantiated claims of success-what can a homeowner believe? Already struggling homeowners cannot afford to throw good money after bad with no results.

Mortgage loan modification is not brain surgery-but it does require some basic knowledge of the approval guidelines and how to complete the loan modification forms properly. Sitting down and figuring out a workable family budget so that the lender can verify the affordability of the new loan payments is the key to success. The banks are concerned about one thing-can the new payment be sustained so there will no future default? Homeowners who can prove this to their bank will have an excellent chance of being granted new and affordable mortgage terms.

An informed homeowner is hard to take advantage of. Knowledge and preparation is the key to being successful in obtaining a mortgage loan modification or hiring the best company to assist in the process. Borrowers who take the time to learn, research and prepare will find their time and effort rewarded. A mortgage loan modification is a solution many homeowners need to save their home and credit-and you can do it yourself successfully. Hundreds of thousands of borrowers have already received a loan workout using the Federal stimulus plan. Don't waste thousands of dollars and months of your precious time-begin to today by learning the basics-then contact your lender and ask to be considered for a workout under the Home Affordable Plan.

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