A large number of clients have found themselves using a Loan Modification Plan to stop foreclosure and/or restructure thier exsisting loan to be more affordable. Loan Modification is arguably the most effective tool that can be used by homeowners in midst of financial hardship to save their homes from entering foreclosure.
With loan modifications, the home mortgage loan is restructured to such an extent as to make it affordable and fit comfortably into the borrower's budget rather than being an overwhelming monthly drain on already tight finances. Loan modification Agreements come in different forms but quite frequently they involve the reduction of mortgage's interest rate for a specified period of time so he/she can continue to make payments and stay in the home.
Your loan may be eligible for a special modification program guidlines created in conjunction with the Housing and Economic Recovery Act of 2008 and the Governmental Economic Stimulus Act of 2008.
These new programs may enable you to be eligible for a new fixed FHA reduced mortgage of at least 90% of your property's current value or modify your exisiting home loan, reduce your monthly mortgage payments, receive interest rate reductions, and/or freeze your exisitng interest rate, without the traditional restrictions on credit history, income or employment status, equity and reserves.
If you have experienced financial hardship, have late mortgage payments, have an adjustable rate or soon to adjust rate mortgage, are in a subprime loan and/or have negative equity call us at 1-888-779-6996 to confim eligibility.