Obama's Loan Modification Plan is now helping Bremerton, Port Orchard, and Gig Harbor, Washington homeowners continue with their payments so they don't lose their home to foreclosure.
The Obama Federal loan modification program was put into place to provide lower mortgage payments to homeowners who can qualify for approval. Ultimately, the Obama loan modification program will provide a reduction in the payments of your mortgage loan. This means that the monthly installment will be equal to or less than 31% of the gross monthly income of the household including taxes, insurance and homeowner association dues.
Bremerton, Port Orchard, and Gig Harbor, Washington homeowners can now Pre-Qualify for the Obama Loan Modification Plan in order to explore their options, understand how the approval process works and how you can learn to meet the strict requirements. In this way you will have a better chance in the approval process.
Loan Modification Bremerton, Port Orchard, Gig Harbor, Washington
An increasing number of Bremerton, Port Orchard, and Gig Harbor, Washington homeowners have watched the value of their homes fall to lower than what they owe on their mortgage loan. Moreover, the average income has shrunk to make mortgage payments impossible to afford for countless homeowners. As interest rates rise with adjustable rates jumping to high fixed rates, and home values continue to plummet, refinancing is no longer an option for many borrowers. Now, more than ever before, borrowers are looking to modify their mortgage and save their homes with a loan modification.
Thanks to President Obama’s “Making Home Affordable” plan, most Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. Under the HAMP program, a homeowner’s mortgage payment cannot exceed 31% of their gross income. Since most home loans exceed 31%, the vast majority of borrowers are technically eligible for HAMP assistance.
Homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.
- Lowers the homeowner's monthly payments;
- Lowers the loan's interest rate;
- Swaps a rising adjustable rate for an affordable fixed rate;
- Reduces the principle balance of the property;
- Corrects payment delinquencies and defaults;
- Adjusts the length of the loan terms
Loan modification is now something more and more Washington homeowners are considering in order to save their homes from foreclosure. Unfortunately, many borrowers who gave up and let their homes go into foreclosure are now regretting it.
Once a borrower has let their home go into foreclosure, it can take at least 10 years for them to recover financially. For many who are now unable to buy anything on credit for a decade, this has become one of the worst financial decisions of their life. Even after the foreclosure is removed from their financial history, borrowers acquiring an affordable rate will be even more difficult. Often times, it is better for the borrower to default on their loan payments and credit cards than to go into foreclosure.
Keeping all of this in mind, homeowners are scrambling to avoid foreclosure with the help of a modified home loan. A loan modification allows you to lower your monthly payments, lower your interest, lower your principal, adjust the term of the loan, or any combination of these. Your home is the greatest financial commitment you are going to make in your life, and acquiring secure and successful mortgage mitigation.
Eligible homeowners around Bremerton, Port Orchard, and Gig Harbor, WA who are suffering through credit card debts, unemployment, loss in income, bad mortgage, or other financial hardships, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan.
A loan modification can get homeowners lowered interest rates which can prevent you from being foreclosed on, help those in the foreclosure process, and prevent mortgage defaults by saving hundreds of dollars per month on your home loan payments.
Bremerton, Port Orchard, and Gig Harbor, Washington homeowners will be able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan. Even borrowers who have been denied a refinancing or home loan modification in the past have been having success with Obama’s mortgage refinance bailout plan.
Every Washington homeowners now facing foreclosure, or about to be, should immediately begin exploring all the options available, including new government programs designed to help you get a successful loan modification and save your home.