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homeowner affordability and stability plan: Elkhart Indiana, How Do You Apply For Modification Under the Homeowner Affordability and Stability Plan? - 02/22/09 07:05 AM
You may not need to do anything at this time.  Most Mortgage Lenders will evaluate loans in their portfolio to identify Elkhart Indiana Borrowers who may meet the eligibility criteria for the Homeowner Affordability and Stability Plan.  After March 4, 2009 they will send letters to potentially eligible Elkhart Indiana Homeowners, a process that may take several weeks.  If you think you qualify for a loan modification and do not receive a letter within several weeks, contact your mortgage lender or a HUD approved housing couselor.  Please  be aware that servicers and counseling agencies are expected to receive an extraordinary number … (0 comments)

homeowner affordability and stability plan: Elkhart Indiana, How Much Will A Loan Modification Cost You Under The Homeowner Affordability and Stability Plan? - 02/21/09 03:28 PM
There is no cost to Elkhart Indiana Borrowers for a modification under the Homeowner Affordability and Stability Plan.  If you wish to get assistance from a HUD-approved housing counseling agency or are referred to a couselor as a condition of the loan modification, you will not be charged a fee.  Elkhart Indiana Borrowers should beware of any organization that attempts to charge a fee for houseing counseling or loan modification of a delinquest loan, especially if they require a fee in advance.
Still have questions?  Call your local Elkhart Indiana Real Estate Expert Evelyn Johnston with Prudential One Realty at 574-304-7148.
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homeowner affordability and stability plan: Elkhart Indiana, Do I Have To Be Behind in my Mortgage Payments to Qualify for the Homeowner Affordability and Stability Plan? - 02/21/09 03:23 PM
No, no, no, no, NO!  Elkhart Indiana Borrowers who are struggling to stay current on ther Mortgage Payments may be eligible if thier income is not sufficient to continue to make their Mortgage Payments and they are at risk of imminent default.  This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.
Still have questions?  Call your local Elkhart Indiana Real Estate Expert Evelyn Johnston with Prudential One Realty at 574-304-7148.
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homeowner affordability and stability plan: Elkhart Indiana, How Do I Know If I Quality for The Homeowner Affordability and Stability Plan? - 02/21/09 03:16 PM
In general, you may qualify for a Mortgage Modification under the Homeowner Affordability and Stability Plan if:
You occupy your house as your primary Elkhart Indiana residence Your monthly Mortgage Payment is greater than 31% of your monthly gross income Your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your Mortgage Lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.
Still have questions?  Call your local Elkhart Indiana Real Estate Expert Evelyn Johnston with Prudential One Realty at 574-304-7148.
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homeowner affordability and stability plan: Elkhart Indiana, When Can I Apply for the Homeowner Affordability and Stability Plan? - 02/21/09 03:12 PM
Mortgage Lenders will begin accepting applications for the Homeowner Affordability and Stability Plan after the details of the program are announced on March 4, 2009.  In the meantime, you should gather your documents as listed:
Informaiton about the gross monthly income of all borrowers, incliding your most recent pay stubs if you receive them or documentation of income you receive from other sources Your most recent income tax return Information about any second mortgage on the house Payments on each of your credit cards if you are carrying balances from month to month Payments on other loans such as student loans … (0 comments)

homeowner affordability and stability plan: Elkhart Indiana, What are the Interst Rates for the Homeowner Affordability and Stability Plan? - 02/21/09 03:04 PM
The objective of the Homeowner Affordabiltiy and Stability Plan is to provide Elkhart Indiana borrowers with a safe loan program with a fixed, affordable payment.  All loans refincanced under the Homeowner Affordability and lstability Plan will have a 30 or 15 year term with a fixed interest rate.  The rate will be based on market rates in effect at the time of the refinance and any associated points and fees quoted by the lender.  Interest rates may vary across lenders and over time as market rates adjust.  The refinanced loans will have no prepayment penalties or balloon notes.
Still have questions?  … (0 comments)

homeowner affordability and stability plan: Elkhart Indiana, Does Both My First And Second Mortgage Quality For The Homeowner Affordability And Stability Plan? - 02/21/09 02:54 PM
Do you still qualify for the Homeowner Affordability and Stability Plan with more than one mortgage on your Elkhart Indiana home?  As long as the amount due on the first mortgage is less than 105% of the value of the property, borrowers with more than one mortgage may be eligible to refinance under the Homeowner Affordability and Stability Plan.  Your eligibilty will depend, in part, on agreement by the lender of the second mortgage to remain in a second position, and on your ability to meet the new payment terms on the first mortgage.
Still have more questions?  Please call your … (0 comments)

homeowner affordability and stability plan: Elkhart Indiana, How Do You Know If You Are Eligible For The Homeowner Affordability And Stability Plan? - 02/21/09 02:47 PM
Complete eligibility details for residents of Elkhart Indiana and surrounding communities will be announced on March 4, 2009 when the Homeowner Affordability and lstability Plan starts.  The criteria for eligibility will include having sufficient income to make the new payment and an acceptable mortgage payment history.  The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.  For more information, please call your local Elkhart Indiana Real Estate Expert Evelyn Johnston with Prudential One Realty at 574-304-7148.
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homeowner affordability and stability plan: Elkhart Indiana,What Help Is Available In Refinancing Your Home If The Value Isn't There In This Market? - 02/21/09 02:42 PM
Under the Homeowner Affordability and Stability Plan, Elkhart Indiana's eligible borrowers who stay current on their mortgage payments but have been unable to refinance to lower their interest rates because their homes currently have decreased in value, may now have the opportunity to refinance into a 30 or 15 year fixed rate loan.  Through the program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they hold in their portfolios or that they placed in mortgage backed securities.
Does this sound confusing?  For a clear explaination call your local Elkhart County Real Estate Expert Evelyn Johnston. with … (0 comments)

 

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