bill consolidation loan no collateral Article
Below, you'll find extensive information on leading bill consolidation loan no collateral articles and products to help you on your way to success.
Loan Modification - Obama's Federal Plan Regarding Your Options
By Lindsy Emery
President Obama's Home Affordable plan provides homeowners who are strapped with financial difficulty with two subsidized options in order to maintain their homes. The first is a new refinance program, while the second is a loan modification. Both can be of benefit to you, if you qualify.
The Refinance Plan is available to homeowners whose property values have plummeted, leaving them unable to qualify for traditional refinancing. Under the plan, an additional 15-30 years can be added to the term of the loan. Closing costs and current market rates will still apply. Basic requirements for this program include:
1. You have been less than 30 days delinquent on your loan in the last 12 months
2. You currently live in the home as your primary residence
3. Your lender is Fannie Mae or Freddie Mac
4. You owe less than 105% of your home's value
5. You are able to prove your ability to afford the modified mortgage payments
6. Your loan is a first trust (if you have a second, then that lender's approval must also be obtained)
If you meet those requirements, you might be able to take advantage of the refinance program. However, if you already have a low interest rate or are paying interest only on your mortgage, you might end up with a higher payment under the Home Affordable Refinance Plan. Keep in mind, the program is there to provide homeowners with loan with a fixed rate.
With
the Loan Modification Plan, your loan does not have to be through Fannie Mae or Freddie Mac, but there are a different set of requirements to meet. The basics include:
1. You currently live in the home as your primary residence
2. Your conforming loan limit is $729,750 or less for 1 unit (more for 2-4 units)
3. Your loan originated prior to January 1, 2009
4. Your loan payment is more than 31% of your gross income per month, including taxes, insurance, and HOA dues.
5. You are able to prove your ability to afford the modified mortgage payments
If you meet those requirements, you might be able to receive a loan workout. Lenders are more inclined to help homeowners become approved for this program, because of the incentive payment they receive through the government for each completed loan workout under this plan. While you do not have to have had your loan default in order to apply, it is imperative that you prove your hardship and guarantee for continuing to pay for your modified loan without ever defaulting again.
To apply, gather specific documents as stipulated by the lender, and submit them with your completed application and your hardship letter. Your lender's decision will be made, based on the review of your information and your telephone interview. Therefore, it is up to you on providing them with the proper information so that you can continue to stay in your home.
For tips and facts about how to get approved for a Mortgage Modification? Visit our simple, no nonsense loan modification guide and resource: MortgageModificationLoan.net/
Bank Of America Mortgage Rates Continue Lower By Jesse W.Bank of America mortgage rates will continue lower as the 30 year fixed rate mortgage looks to be headed towards 5% or even lower. The Federal Reserve Bank has made it known that they are willing to Read more...
|
Make Yourself A Responsible Borrower With Debt Consolidation Loans By Gracy.BonsuAll existing debts can be consolidated and paid off at low interest rates which even takes care of the customers credit history. So debt consolidation loans have emerged to make lending money safe Read more...
|
Mortgage Rate Forecast For July By Jesse W.The mortgage rate forecast for July could get very cloudy for the second part of the month. It is likely that we will continue to see mortgage rates work sideways until the 10 year treasury rate hits Read more...
|
We strive to provide only quality articles, so if there is a specific topic related to loan consolidation that you would like us to cover, please contact us at any time.
And again, thank you to those contributing daily to our bill consolidation loan no collateral website.
