Introduction
The knowledge regarding our struggling economy isn’t any new epiphany; economists have been noticing the trend for many years; some expressing worse times to come. Each day many persons wake up to their normal schedule for daily living, survival, and fun entertainment. Others wake up to new ideas, entrepreneurship, sipping Shirley Temples (virgin) with a smile, while forging business practices and products which flourish despite the pitfalls of our economy. Be that as it may, other hard working employees wake up to unemployment, potential foreclosure, divorce, and other adversely affecting alternatives financially, mentally stressful. If those who wake up facing adversely affecting alternatives parallel your current financial situation you may qualify for a modification to reduce your monthly mortgage payment.
In March of 2009, the Obama Administration announced the Home Affordable Modification Program (HAMP); securing $75 billion in capital to assist U.S. Citizens who are facing adversely affecting alternatives financially. The purpose behind the HAMP program is to make homes more affordable through the process of a modification. Lending institutions who participate in this program are willing to work with responsible borrowers (co-borrowers) to mitigate their financial loss. Their loss is mitigated through financial incentives provided by our Federal Government. If your mortgage company participates in HAMP there are specific requirements every bank looks at to determine your qualification.
The Making Home Affordable program is not the only modification homeowners are able to qualify for. Mortgage companies for many years have been providing homeowners with private modifications. The purpose for this Ebook is to increase homeowner’s opportunity to successfully modify their loan. The Ebook will cover six major aspects regarding home loan modifications:
First – What a loan modification is? The information within the ebook will provide you with accurate information pertaining to what a modification is, its benefits; an excellent option for those who are facing foreclosure, potential bankruptcy, and other adverse financial alternatives.
Second – Potential timelines for modifications - When working with financial institutions people know this can be very frustrating and stressful. This is in part due to the lack of knowledge borrowers have regarding the process of a modification. The ebook explains in detail specific switch points which borrowers need to know explaining the typical progression of a loan modification.
Third – How the Lender Modifies loans - This will provide details pertaining to how the lender will potentially modify your loan, their (the mortgage companies) options.
Fourth – Qualifying for a loan modification - This will provide details to the specific criteria mortgage companies review before determining a borrower eligible for a modification.
Fifth – What if you have been denied already? Or, Have you already received a notice of foreclosure? If you have already tried, no loose hope or despair. The majority of homeowners often receive a denial (sometimes more than once) before they are determined eligible. If you know you qualify keep trying, don’t give up.
What about my notice of foreclosure? Unless, you have actually received a sale date, then don’t worry to much. The notice you received is just letting you know a probability if your situation continues. An actual sale date is different. The ebook will share more information as what you need to do in order to progress your file toward a trial period and ultimately receiving a modification to your loan.
Sixth – Other Alternatives in lieu of Modifications - This briefly explains other alternatives besides modifying your home.
*Please note, the ebook does not guarantee you will receive a modification, however it provides important information to help increase your opportunity to modify your loan, relieve some stress because you better understand your options, to make your home more affordable.*