Staying in your home with government loan modifications

By
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.   

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Realtors®
Century 21 ActiveRain Bloggers
Tags:
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?

Rainmaker
99,230

Lisa Hayashi

Retired Realtor
Ask me a question
*
*
*
*
Spam prevention