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• Are you facing foreclosure?
• Have you fallen behind on your mortgage payments?
• Is your home worth less than what you owe?
• Have you suffered a hardship that is making it difficult to stay in your home?
Obama is urging lenders to modify mortgage loans according to his new foreclosure bailout plan. Based on certain borrower criteria, lenders are able to make adjustments to the terms of your mortgage loan which could...
• Reduce your monthly mortgage payment.
• Reduce your current interest rate.
• Extend the length of your loan.
• Stop foreclosure proceedings.
• Eliminate late fees.
• Reduce your principal balance
- Don't wait. Complete the form now. Be on your way to a new loan tomorrow.
This is why it is best to have expert representation when trying to get a loan modification. Most borrowers simply don't understand the maze of laws and requirements that the banks need to modify a loan. This often leads to frustration and allows the lender to take advantage of you, put you off or ignore you completely. Having expert representation is the only way to get the bank's attention and get the loan modification that you need in order to stay in your home.
Why a Loan Modificaton? Just consider these benefits!
Mortgagee Letter 2008-21 states in part: Legal fees and related foreclosure costs for work actually completed and applicable to the current default episode may be capitalized into the modified principal balance.
Mortgagee Letter 2008-21 also states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.
Mortgagee Letter 2009-35 states that the Mortgagee shall reduce the Loan Modification note rate to the current Market Rate.
Mortgagee Letter 2009-35 also states that the Mortgagee must re-amortize the total unpaid amount due over a 360 month period from the due date of the first installment required under the modified mortgage.
The administration's plan requires participating loan servicers to reduce monthly payments to no more than 38 percent of the borrower's gross monthly income. The government would then chip in to bring payments down further, to no more than 31 percent of the borrower's monthly income. The Bank would first reduce the interest rate to as low as 2 percent. If that's not enough to hit the 31 percent threshold, they would then extend the terms of the loan to up to 40 years. If that's still not enough, the servicer would forebear loan principal at no interest. (The plan does not, however, require servicers to reduce mortgage principal.)