Just Find Out If FHA Loan Modification Can Help You
There is some good news for homeowners who are considering applying for FHA loan modification. The Housing and Economic Recovery Act of 2008 has paved way for the FHA to arrange for more funds if necessary in order to help struggling house makers in preventing home foreclosures during the current economic recession.
The Housing and Economic Recovery Act of 2008 has paved way for the FHA to arrange for more funds if necessary in order to help struggling house makers in preventing home foreclosures during the current economic recession. On account of this, homeowners are also entitled to get tax rebates and incentives for the first time in many years. Borrowers who have already been faced with home foreclosures can now heave a sigh of relief as they could be in a much better position to get their existing home mortgage loans modified even if they are under FHA. Additionally, they could also enable them to secure a highly comfortable FHA insured fixed rate home mortgage with a loan duration that might well extend over 30 years.
To be eligible for an FHA mortgage modification under President Obama’s loan modification program, you need to ensure the below mentioned aspects associated with your mortgage loan.
- The loan modification applicant cannot owe more on the home than its market value.
- House makers need to share potential profits with the FHA if homes are sold out in future.
- FHA is not the actual lender; it only insures your existing mortgage loan and provides a guarantee for the full amount.
- If your current mortgages are backed by either Freddie Mac or Fannie Mae, they are entitled to get protection through different mortgage revision plans.
- The FHA provides a unique arrangement under which you can refinance your home mortgages by dividing the home equity through a program that is known as HOPE for homeowners.
By qualifying for a modification of FHA owned mortgages under the making home affordable program (HAMP), you can save your homes from possible foreclosures and save lot of money by lowering your monthly mortgage payments considerably. So if you are already fear for being delinquent in paying the monthly mortgage installments on your existing home mortgage loans in near future, it is very much imperative for you to immediately contact your lender and clarify your current financial situation. In order to ensure this, you can always obtain a free evaluation from loan modification or mortgage refinancing companies available online for exploring your alternatives today.
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