Struggling homeowners facing the possibility of falling behind on their mortgage payments, or even losing their home, may be eligible for a government loan modification. The federal Treasury Department is subsidizing lenders who offer a loan workout to borrowers as an incentive to keep folks in their homes. There are several options available to at-risk homeowners-so it is important to know your options and be able to take advantage of this bailout program.
Loan Modification Options-Government Programs:
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HAMP: Home Affordable Modification Plan is a loan workout that features standard approval guidelines and standard methods of modifying mortgages. The goal is to provide a new lower payment that will be equal to just 31% of the total household monthly gross income. Homeowners must submit an application and a detailed accounting of their monthly income and monthly expenses. A formula will be used to determine if that borrower fits in to the federal guidelines. If they do, then a loan workout may be offered. Forbearance: Homeowners who are facing a temporary hardship may apply for a waiver of their entire mortgage payments for up to 6 months. During this time, no payments are due in order to allow the borrower to get back on their feet. The missed payments are added to the back of the loan. FHA Special Forbearance: Homeowners who have an FHA mortgage can apply for a special loan modification which will delay payments for up to a year. Even unemployed homeowners can apply and qualify for this plan.
It is critical for borrowers to know which government loan modification plan they may qualify for so that the application can be prepared and submitted correctly. Not every homeowner will qualify for a loan workout, however the chances of approval are greatly increased when you know ahead of time what you are applying for-and most importantly what it takes to qualify.
The government loan modification plans feature standard approval criteria, so taking the time to learn the basics and then prepare an accurate and acceptable application is key to success. Homeowners who are not familiar with the approval formula may want to use a software program designed specifically to assist in the application process. The Loan Mod Quick App automatically does all the necessary calculations and shows results immediately. This gives the homeowner a chance to make any necessary adjustments prior to submitting their application for loan modification review.
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