How HVCC is Affecting Mortgage Process - Relevant Facts and Information

1. How HVCC is Affecting Mortgage Process - Relevant Facts and Information One of the most important things for many homeowners is this: interest rates have been lowered dramatically. The previous interest rate of 6.5% has been lowered so that some homeowners are actually getting loans as low as 4.75%. This lets thousands of consumers modify their loans to lock in at better rates, saving hundreds or thousands on their mortgage payments. Another thing has been done to help homeowners in trouble: individuals in default on their home loan can receive a lowered monthly payment that will not be higher than 31% of their gross monthly income. Lastly, people that had loans from Fannie Mae and Freddie Mac will finally have somewhere to go for help if they have trouble paying their mortgage because they are now eligible to receive loan modifications. If you're a homeowner that's having trouble with a monthly mortgage payment or may soon face foreclosure, now is the time to consult with someone that knows about the Economic Stimulus Plan and can help you save your home. An exciting part of Obama's stimulus plan is the Home Loan Mortgage Modification. It is designed for the struggling home owner and has 75 billion dollars allocated to prevent foreclosures. Banks are given paid incentives to lower your payments, decrease your interest rates, and save your home using the loan modification agreement. If you are one of the 5 billion homeowners losing sleep over how you will make your next mortgage payment, this could be your answer. Have you already had to say the word foreclosure out loud? If so, you need to learn more about the home loan modification program. Let's take a look at the qualifications required for you to apply. Your financial situation must include a dramatic change that was beyond your control. You lost your job, had a serious medical issue, the recent passing of a spouse, or even a divorce. Whatever the reason may be, your expenses must have increased while your income decreased due to events that were beyond your control. You must prove your desire and ability to meet the reduced monthly payments of the loan modification. If you meet the above criteria, the home loan modification could lower your interest rate, give you a longer term loan, possibly reduce your principle, and waive your current late fees. As part of Obama's stimulus plan, this could lower your payments and stop an impending foreclosure, thus stimulating the economy starting in your front yard. https://nomorescamreviews.com/loandepot-review/ http://wedidreviewforyou.com/meet-your-sweet-review/ https://dietsheriff.com/slimcentre-rezension/ https://diethours.com/noom-review/