Foreclosures and mortgage defaults are on the rise. Homeowners everywhere are facing “Financial Hardships” which make paying the mortgage hard. Now, the Governments $75 billion mortgage bailout plan allows homeowners a chance to get a more affordable monthly mortgage payment through refinancing or home loan modification. Here is what you need to know:
-Homeowners need to have closed on the mortgage prior to January 1st 2009. Any homeowners who closed on their mortgage after that, can apply for an $8000 tax credit, but can not use the making home affordable plan. The unpaid amount of the mortgage must not exceed $729,500. If the building is a multi unit which the homeowner lives in, the amount remaining on the home loan can be higher.
This is all possible because of the cash incentives that banks and lenders get. The money will help lenders like Ditech cover some of the potential risk they take on when approving a homeowner for refinancing. With their risks covered, they are able to ease their refinancing restrictions and help more homeowners than ever before. This has made getting approved easier than ever for all homeowners in all situations.
Homes everywhere have lost value as a result of the bad economy and worse housing market. Now homeowners can get approved for a mortgage refinancing or modification even if they owe up to 5% more than their homes actual worth. This helps millions of homeowners who would have never been approved prior to this mortgage bailout plan. Homeowners should jump at this chance to get a refinancing or home loan modification. Do not risk losing your home to foreclosure or defaulting on your mortgage. Take advantage of the Governments plan and get a more affordable mortgage payment, or save your home altogether.
We will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them. Learn the right way to refinance or modify your home loan.
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