Loan Modification Everett, Lynnwood, Mill Creek, Washington
ew months ago, the Obama administration unveiled its Home Affordable Modification Program (HAMP) in order to assist Americans secure a successful loan modification in order to avoid foreclosure. While only a small number of Americans have been able to take advantage of these benefits, and with housing prices continuing to drop around areas like Everett, Lynnwood, and Mill Creek, thousands of Washington homeowners still qualify for benefits and mortgage savings!
Numerous lenders like Countrywide and Bank of America continue to refuse considering modifications for homeowners not yet behind on payments, however have experienced a drop in income. Millions of American homeonwers have been denied a modification, sometimes never receiving an explaination or even a written response.
With a Loan Modification, homeowners around Everett, Lynnwood, and Mill Creek, Washington have been able to stop the foreclosure of their family's home, lower their payments, and afford to stay in their house with modified loan terms.
LOAN MODIFICATION EVERETT, LYNNWOOD, MILL CREEK, WASHINGTON
By now, nearly every homeowner in Washington realizes housing values in areas around Everett, Lynnwood, and Mill Creek, Washington have been plummeting, in addition to escalating unemployment, rising interest rates, and mushrooming foreclosures. According to recent reports, half of American mortgages will be "underwater" in 2011, the owners of the homes owing more than the houses are worth.
Lately, the Obama administration has put greater pressure on lenders and their mortgage servicers, who act as bill collectors on behalf of investors who own mortgage bonds. On Aug. 4 the Feds unveiled the first of their monthly "name and shame" exercises, which publishes data on the loan modification efforts of about three dozen companies. Contrary to what many may believe, it costs the lenders more for a foreclosure than to modify the loan, and coincidentally lenders are more willing to modify the loan in order to prevent foreclosure.
Loan Modification permanently changes one or more of the terms of your loan which can lower your payments to make them affordable, correct defaults, and offer a fresh start. By modifying the loan, borrower can meet the terms of the new loan, and continue to do so into the future. Mortgage mediation allows homeowners to stop the foreclosure of their family's home, while lowering the monthly payments and modifying the loan terms.
Loan Modification:
- Lowers the homeowner's monthly payments;
- Lowers the loan's interest rate;
- Swaps a rising adjustable rate for an affordable fixed rate;
- Reduces the principle balance of the property;
- Corrects payment delinquencies and defaults;
- Adjusts the length of the loan terms
Recently, the Obama administration introduced the Home Affordable Modification Program (HAMP) to help Americans modify their loans and by providing incentives to mortgage lenders to complete more loan modifications for their customers. Amidst one of the lowest points our economy since the 1970s, thousands of Americans now face rising unemployment, increasing interest rates, plummeting housing values, and losing their homes out of no fault of their own. With a Free Loan Modification Evaluation, Everett, Lynnwood, and Mill Creek, Washington homeowners can freely discover the answers to any foreclosure questions they may have, and start the process of saving their home.
According to the Department of Treasury, "Anyone with high combined mortgage debt compared to income or who is 'underwater' may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. Eligibility for the program will sunset at the end of three years." As reported by the LA Times, "This program applies to borrowers who are unable to make - or are struggling to make - mortgage payments that exceed 38% of their monthly income."
Those homeowners that choose to modify their loan on there own, face even greater challenges. Lost in a flood of modification requests, borrowers often wait weeks or months by their phone in hopes of an update on their situation. As has been reported in recent news headlines, lenders are not doing all that they can to help homeowners modify their mortgages, and the vast majority of modification requests have been denied. A large majority of borrowers were also encouraged, directly or indirectly, by their lenders to fall behind on their mortgage payments in order to qualify for modifications that never came. More than half of the clients who walk through servicers doors have been turned down when they tried to secure a loan modification on their own.
Under President Obama's "Making Home Affordable" plan, Everett, Lynnwood, and Mill Creek, Washington homeowners can save hundreds a month by getting a home loan modification 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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