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In trouble with your loan? Great information on the new Loan Modification Program

By
Real Estate Agent with Dogwood Real Estate Services

I just came across the link for the new Home Affordable Modification Program. It looks like a great program for anyone who is starting to get behind on you mortgage. This link (http://www.makinghomeaffordable.gov/eligibility.html ) has a form that lets you fill in answers to questions about your loan and finances, and gives you a general idea of whether you qualify or not. By following the links and information you can get instructions on how to go about the process.

If you think you qualify, here is their checklist of things you need when you go to talk to your loan officer:

CHECKLIST

  • Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
  • Your last two income tax returns.
  • Information about your savings and other assets
  • Information about your first mortgage, such as your monthly mortgage statement.
  • Information about any second mortgage or home equity line of credit on the house.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

After you have this information, you should call your loan officer and ask to be considered for a Home Affordable Loan Modification. The number of your bank should be on your coupon book for your mortgage payments. If you used a local bank, call the loan officer that processed your loan.

Because this program is new it may take time to get processed through the system. But because of this, if you qualify for this loan modification, there may be time for you. Lenders are making a commitment to delay foreclosures on those who qualify.

If you have already missed one or more mortgage payments - contact your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor.

 

Best of luck,

 

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