In 2009, with the current state of our local economy homeowners can get behind with their mortgage payments.
If you'd like to remain in your home if you're behind with your mortgage payment, and even in some cases if you are not behind with your payments, under the new Obama Housing Stimulus program you may qualify for a
Loan Modification
A potential loan modification can take many different shapes and forms. Loan mods can:
- Modify the interest rate only
- Modify, or reduce, the loans principal balance
- Modify both the principal balance and interest rate of the note
- Modify, shorten, or change the length of the note
Here are some of the situations that could happen where a homeowner may qualify for a loan modification under the president's new housing stimulus plan.
- Behind in mortgage payments (or about to miss your first payment)
- Interest rate on your mortgage increases
- Personal or family hardship
- Loss of job or income
- Illness in family
- Financial hardship
Thank You!!
For your convenience the below listed links contain the most up-to-date information on loan modifications.
www.huffingtonpost.com/2009/03/04/mortgage-brokers-may-bene_n_171899.html
www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm
money.cnn.com/2009/02/18/news/economy/obama_foreclosure/
home-mortgages.suite101.com/article.cfm/obama_refinance_loan_modification_programs

