When the economy took a sharp dive several years back, many homeowners defaulted on their mortgage payments and faced foreclosure. Fortunately, some lenders were considerate enough to offer options so that borrowers can avoid foreclosure. One of these options is the home loan modification Groton CT lenders have implemented.
When a borrower applies for a home mortgage modification, the lender is now required by law to provide options that can ease up the borrower's monthly payments. These options may include extending the loan term, lowering interest rates, refinancing the balance of the loan or rolling unpaid amortizations into the outstanding loan amount with lower interests. Some borrowers may not be aware that these options are available and are meant to help them save their properties from foreclosure.
The federal program, Home Affordable Modification Program or HAMP is designed to help qualified home owners who stand the risk of foreclosure due to delinquent mortgage payments. This program sets the standards that mortgage lenders have to follow to extend assistance to their borrowers. In return to this service, lenders receive incentive payments from the government.
There are certain standards that lenders have to follow before foreclosing on properties. One is that they must inform borrowers of several options available and encourage them to participate in a mortgage modification program. Once a borrower becomes eligible, the lender can no longer continue foreclosure proceedings on the mortgaged property. Borrowers must submit necessary documents and an affidavit proving that they are currently unable to meet mortgage payments.
If you are currently having difficulties to meet your mortgage payments on time, you should discuss this with your lender in order to understand your options. Your case will be evaluated and the lender will decide if you will qualify for a home mortgage modification. Present documents such as payslips, your latest tax return, a list of your assets and past credit card statements. Write a formal letter requesting your lender to be flexible and explain why you are currently in a difficult financial situation.
You should try to apply for this program even before you receive a notice of foreclosure. Remember that most lenders would like to see you pay off your loan so they are quite flexible. You must talk to your lender as soon as possible to understand your options. Your lender will be willing to help so that you can meet your financial obligations.
It may also be a good idea to consult a real estate mortgage expert who is familiar with mortgage modification plans. They may be able to help you prepare the necessary documents, negotiate better terms on your behalf and shorten the processing time for the lender to approve your request. These will make things easier for you and make the process less stressful.
Gather and submit your documents for evaluation. If you fail to qualify, then consider other options to get you out of your financial mess. One way is to request your lender to permit you to sell your property for an amount lower than what you owe.
Try requesting for a forbearance, which means suspension of your payments within 90 days. Doing so will allow you to find ways out of your problem. You need to talk to a financial expert who can guide you and help you find options so that you can save your property from foreclosure.
When a borrower applies for a home mortgage modification, the lender is now required by law to provide options that can ease up the borrower's monthly payments. These options may include extending the loan term, lowering interest rates, refinancing the balance of the loan or rolling unpaid amortizations into the outstanding loan amount with lower interests. Some borrowers may not be aware that these options are available and are meant to help them save their properties from foreclosure.
The federal program, Home Affordable Modification Program or HAMP is designed to help qualified home owners who stand the risk of foreclosure due to delinquent mortgage payments. This program sets the standards that mortgage lenders have to follow to extend assistance to their borrowers. In return to this service, lenders receive incentive payments from the government.
There are certain standards that lenders have to follow before foreclosing on properties. One is that they must inform borrowers of several options available and encourage them to participate in a mortgage modification program. Once a borrower becomes eligible, the lender can no longer continue foreclosure proceedings on the mortgaged property. Borrowers must submit necessary documents and an affidavit proving that they are currently unable to meet mortgage payments.
If you are currently having difficulties to meet your mortgage payments on time, you should discuss this with your lender in order to understand your options. Your case will be evaluated and the lender will decide if you will qualify for a home mortgage modification. Present documents such as payslips, your latest tax return, a list of your assets and past credit card statements. Write a formal letter requesting your lender to be flexible and explain why you are currently in a difficult financial situation.
You should try to apply for this program even before you receive a notice of foreclosure. Remember that most lenders would like to see you pay off your loan so they are quite flexible. You must talk to your lender as soon as possible to understand your options. Your lender will be willing to help so that you can meet your financial obligations.
It may also be a good idea to consult a real estate mortgage expert who is familiar with mortgage modification plans. They may be able to help you prepare the necessary documents, negotiate better terms on your behalf and shorten the processing time for the lender to approve your request. These will make things easier for you and make the process less stressful.
Gather and submit your documents for evaluation. If you fail to qualify, then consider other options to get you out of your financial mess. One way is to request your lender to permit you to sell your property for an amount lower than what you owe.
Try requesting for a forbearance, which means suspension of your payments within 90 days. Doing so will allow you to find ways out of your problem. You need to talk to a financial expert who can guide you and help you find options so that you can save your property from foreclosure.
No comments:
Post a Comment