How to get started with the home affordable modification program
The primary goal of the Making Home Affordable Program is to help with stabilizing the current market housing prices. By helping you with keeping your home that puts one less foreclosure into the market that just ends up selling at a lower than market price. The government believes that using the home affordable refinance program would go a long way in helping to stabilize the housing market and help to keep more people in their homes.
For financial lenders in the home affordable modification program the Government has added incentives by giving them a reason to modify a loan. For each of the first 5 years of the loan modification program the government will pay your financial lender a certain amount per month for providing the loan modification help. In addition, as a homeowner, if you make your new modified payment on time you may be eligible for a reduction for each year you make your payments on time, up to 5 years.
It is up to your particular financial lender to figure out exactly how they want to provide you with loan modification help. They are not going to always have your best interests at heart so be a little careful. If you feel the new terms they are offering you on the trial modification program are going to put you in a worse situation down the road you do have options.
You should consult with a reputable company that regularly deals with the making home affordable program. Many of them can be found online. These highly competent professionals can help to make certain that you are going to get the best loan modification help possible and don’t get taken advantage of by your bank or lender.
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