Loan Modification

Are your payments to high? Are you stuck in an adjustable rate mortgage that keeps going up? Do you find yourself falling further behind on payments due to decrease in pay- sickness or some other hard ship? Would you rather keep your home rather than sell it? If you answered yes to any of these questions a loan modification may be the right answer for you. With a loan modification we may be able to decrease your payments- lower your rate and or save your home from foreclosure. If you want to stay in your house and you can afford to do so- we can assist in a workout program with your lender-you will NEVER pay us any money until and unless we get you results.

If you want more information along with a FREE 22 page Guide Secrets to saving your home and lowering your payments and its 60 minute audio interview where I reveal how not to get ripped off. Click here

The government’s new Home Affordable Modification Program seems to speed up the loan modification process that was previously a long process and could take as long as 60 to 90 or more days for the approval of loan modification application. The Treasury Department has released the new guidelines for loan modifications under the Home Affordable Modification Program. They are as follows: The modification gives best results on variable interest rate loans that can be reduced at least 1 point. Loan modifications may come back with huge interest rate and thus equating home savings depending upon the services being used and the severity of the case.

  • Only loans that were originated on or before January 1, 2009 will be eligible.
  • Only owner occupied properties are eligible. The loans must be first lien loans with unpaid principal balances up to $729,750. Higher limits are allowed for owner-occupied properties with 2-4 units. No investor properties, vacant or condemned properties will be eligible either.
  • Borrowers must show proof of income consisting of their last two paycheck stubs, their current bank statement, their last most recent income tax return and their hardship letter explaining why they can no longer make their current monthly mortgage payment.
  • Incentives will be given to lenders and servicers to modify their borrowers who are current on their payments, but at risk of being in default.
  • Mortgage modifications starting now will be effective through December 31, 2012. Loans can only be modified once under this program.
  • Participating servicers will be required to service all eligible loans unless the servicing contract prohibits this.
  • The servicer must use the net present value of cash flow test with and without modification. If the net present value of the expected cash flow is greater with a modification, then the servicer must issue a modification unless the borrower has committed fraud.
  • The conditions of the modification must occur as follows: Interest rate must be reduced to a rate floor of 2%, then the term can be extended to a maximum term of 40 years, and if necessary a forbearance of principal or refinancing may be issued instead of a modification.

All loan servicers must enter into agreements with the Treasury Department prior to December 31, 2009. If you are a troubled homeowner, or suffering from foreclosure problems and have the financial ability to pay the new mortgage payments, it is the right time and MaxReturnsREI is the right choice to strike in.

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