Mortgage

Making Home Affordable: Bank Loan Modification

Are you one of the many homeowners eligible for a home loan modification through President Obama’s making home affordable plan? Odds are you are. If you are facing any type of “Financial Hardship”, and have a home mortgage with Countrywide you will be able to take advantage of this plan to get a 2% home loan refinance or modification. Here is how.

Are you one of the many homeowners eligible for a home loan modification through President Obama’s making home affordable plan? Odds are you are. If you are facing any type of “Financial Hardship”, and have a home mortgage with Countrywide you will be able to take advantage of this plan to get a 2% home loan refinance or modification. Here is how.

Although it is pretty easy to use this “Making Home Affordable” plan to get a refinance or loan modification through Countrywide Financial, there are still a few steps involved. It is a simple process but knowing what to expect and being prepared prior to speaking with Countrywide and applying. It is very important that you do not improperly fill out any forms, or say the wrong things when applying for this housing bailout stimulus program from Obama.

Home Affordable Modification – This program is for homeowners who have had their interest rate increased or had a loss of income and are falling behind on their mortgage payments. Second Lien Modification Program – If a homeowner already has a modified mortgage plan under the Home Affordable Modification Program that they are successfully paying on time, this program will also help with any second mortgage they have. Home Affordable Foreclosure Alternatives – If a homeowner finds they cannot get approved for a loan modification and just can’t afford their home anymore, the mortgage lender may accept a short sale – which is where the lender allows the homeowner to sell the house for a lower amount than they owe on the mortgage and the lender calls the debt even. There is also a deed-in-lieu foreclosure where you basically turn the title over to the mortgage lender instead of going through the expensive foreclosure process. This program offers incentives to the mortgage lender and also up to $3000 to the homeowner to help them relocate.

Hardest Hit Fund – This fund was set up for the ten states that have been the hardest due to either unemployment or the decline of property values. These states are Arizona, California, Florida, Michigan, Nevada, North Carolina, Ohio, Oregon, Rhode Island, & South Carolina. The help available varies state by state as each state had to submit a proposal of how they were going to spend the funding to the Administration.

The government is trying hard to shore up efforts and help another 500,000 homeowners within November. Short sales have also increased in recent times. This allows borrowers to sell homes at lower prices than what they owe on their homes. Lenders have increased short sales of homes.

Learn more about Obama Making Home Affordable Mortgage Program.