The recent recession has dampened the spirits of many industries. Real estate has been hard hit as well, because many people found themselves in a tight fit position where it was getting difficult to pay even the monthly mortgage. In the face of so many homeowners struggling to make payments, the Obama government has decided on a loan modification program to appease both homeowners and banks. The main motive behind this program is the mounting number of expensive foreclosures that banks have had to deal with in the recent past, as well as the number of people who are forced to give up their homes because they cannot pay up anymore. This $75 billion dollar project gives homeowners the flexibility to work with the same lender, but on lower monthly payment terms.
It is important to ask for low, fixed payments which you can assuredly pay for the rest of your life. The Home rescue plan being put into place has many other benefits such as reduced interest rates, loan payment terms being extended upto 40 years and in a few cases the principal amount itself is forfeited. To encourage banks and other lenders to modify such existing loans, the government is also willing to hand out incentives up to $ 1000 for each modification and even $1000 as additional payout for upto three years. So, if you are struggling to pay your mortgage and need help right away, contact your lender to work out a loan modification plan today.
Qualifying is easy and applying doesn't take long.
0 comments:
Post a Comment