Struggling borrowers looking for help with a mortgage loan modification program may be confused about what type of program they may qualify for. No wonder, with so many new announcements from lenders and the Feds about various government sponsored and independent loan modification programs, borrowers may find themselves scratching their heads and wondering where to start. Here is some helpful information on the basic programs available to homeowners:
Fannie Mae streamlined modification program (SMP) is a mortgage loan modification program for borrowers who have a loan owned or serviced by Fannie Mae. This applies to most conforming loans and has been implemented to reduce the monthly payments of qualified borrowers to equal 38% of their gross monthly income. This is done by lowering the interest rate to as low as 3%, extending the loan term and forbearance of principal. There are certain qualifications for this program that you can learn more about.
FHA Partial Claim mortgage loan modification is available for homeowners whose loan is insured by the FHA. Under this program, a deferred "silent" loan is used to cover the arrears and bring the loan current. No payment or interest is due on this loan until the home is sold or the loan refinanced.
Individual lender mortgage loan modification programs offer various options for qualified borrowers to lower their monthly payment to an affordable amount. This may be accomplished by a reduction in the interest rate, an longer loan term, principal forbearance or a combination of all of these options. Each lender has their criteria that must be met for a loan modification to be approved. You can learn about lender guidelines and how to increase your chance of success.
Millions of homeowners are facing foreclosure-but help is available for borrowers who know how to get it. Why are some homeowners denied a mortgage loan modification while others are approved? If you are interested in contacting your lender to see if you qualify, make sure you have a good general understanding of the qualifications and guidelines for approval before you submit your application. Billions of dollars have been allocated to help homeowners just like you-don't wait-get started today so you can get back on track.
You can get the help you need to understand mortgage loan modification programs by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide
For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
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