LOAN MODIFICATION SEATTLE
With falling housing prices, rising interest rates, and many now owing more than their home is worth, homeowners around Seattle, Washington, are now looking too modify their home loans in order to avoid foreclosure and save their homes. With a new foreclosure filed every 13 seconds, and with reports showing half of American mortgages underwater in 2011, loan modification is fast becoming the last hope for millions of distressed homeowners scrambling to afford their failing mortgages.
According to a recent report from the U.S. Treasury Department, 42 percent of modified loans done by the largest servicers have lowered homeowners' mortgage payments. This is a large improvement when compared to the 26 percent of modified loans that received lowered monthly payments during the 4th quarter of 2008. This year, at least 2.4 million foreclosures have been expected to be filed, while one million foreclosures have already been filed in the first quarter of 2009. According to RealtyTrac, one out of every 440 American homes have filed for foreclosure.
Current Housing Market Facts:
* There are approximately 110 million households in the U.S.
* About 75.5 million of these are homeowners.
* Approximately 68% of the 76 million, or 51.6 million, have mortgages.
* 14 million U.S. homeowners, 27% of those with mortgages, were underwater at the end of Q1 (Deutsche Bank estimates)
* Deutsche Bank estimates that nearly half of the 52 million mortgagors will be underwater by the end of next year.
President Obama's $75 billion Making Homes Affordable program is aimed at assisting 3-4 million borrowers avoid the 9 million foreclosures expected over the next four years. With a free loan modification evaluation, homeowners around Seattle, WA, can immediately see the savings possible under Obama's new programs, and explore all the benefits they qualify for, and begin the process of saving their home.
* Lowers your monthly payments;
* Lowers your interest rate;
* Swaps a rising adjustable rate for an affordable fixed rate;
* Reduces the property's principle balance;
* Corrects defaults and payment delinquencies;
* Adjusts the length of the loan terms
Under President Obama's "Making Home Affordable" plan, the majority of Seattle, Washington homeowners now qualify for benefits and hundreds in savings with a loan modification. The program demands that a borrower’s mortgage payment cannot exceed 31% of their gross income, and because most loans exceed 31%, nearly all homeowners are technically eligible for HAMP assistance. In addition, borrowers who have been denied a refinancing or home loan modification in the past are now able to have a second chance.
Troubled homeowners can save hundreds a month by getting a mortgage loan modify or mortgage refinance. Any homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.
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Free Washington Loan Modification Evaluation
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