Staying in your home with government loan modifications

Services for Real Estate Pros with Award Referral Network Inc. DRE#00915227

Many current homeowners have gone through an adjustment to their home equity since the real estate market began its decline 5 years ago. The recession has found more homeowners unemployed and/or unable to make their mortgage payments.

Good news! There is a website established by HUD (Housing and Urban Development) that provide some eligibility questions that homeowners can answer to see if they qualify for a loan modification.

They also have a “Payment Reduction Estimator” calculator that can help a homeowner see what their monthly payment may be reduced to if they qualify for a loan modification.

They list some modification programs that lower mortgage payments more than $500 each month.  It’s worth exploring if there is a chance that one can stay in their home.  

If after one works through this preliminary process to see if they qualify for a home loan modification and find out for some reason they are not eligible for a government loan modification, they should still contact their lender to see if there is any other help. Proceeding with a short sale would then be the next step, and as a last resort, if a short sale is not approved, then and only then, is a foreclosure the first step to starting over and re-establishing credit for the future.

Hopefully, more homeowners can instead, find a way to stay in their home with government loan modifications.   


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Century 21 ActiveRain Bloggers
loan modification
hud programs
making home affordable
goverment loan modification

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Lisa Hayashi

Retired Realtor
Ask me a question
Spam prevention