Areas around Bothell, Woodinville, and Kirkland, Washington have all indeed been struck hard by rising interest rates, lowered housing values, and mushrooming foreclosures. Unfortunately, the Obama administration's Hope for Homeowners program, and the Making Home Affordable modification plan, have done little to help homeowners modify their mortgage loans.
Homeowners attempting a loan modification on their own frequently run into a series of obsticles, having their phone calls unanswered or getting transferred into oblivion. Lenders, such as Countrywide and Bank of America have refused to consider modifications for homeowners experiencing a drop in income, however not yet behind. Numerous homeonwers have been denied modification requests orally, never getting it in writing, and without explanation.
Indeed, the best bet for Washington state homeowners is to find a reliable and successful modification servicer who is able to tackle the lender head on and with experienced negotiating power.
LOAN MODIFICATION BOTHELL, WOODINVILLE, KIRKLAND, WASHINGTON
A recent report from the U.S. Treasury Department shows that 42 percent of loan modification done by the largest servicers did lower the homeowner's monthly payments, while 26 percent of modified loans received lower payments in the 4th quarter of 2008. 2.4 million foreclosures are expected to be filed this year alone, with one million foreclosures already filed by the end of May. One out of every 159 households with mortgages received notice of foreclosure in just the first quarter of 2009, according to RealtyTrac, and one in every 440 American homes filed for foreclosure.
Properties in areas like Bothell, Woodinville and Kirkland, Washington have likewise seen falling housing prices, rising interest rates, and now face going "underwater," owing more than their home is worth. With a secure modification of their home loan, thousands of Washington homeowners still have hope to save their homes, and be able to afford to stay in them.
A Successful Loan Modification Can:
- Lower the homeowner's monthly payments;
- Lower the loan's interest rate;
- Swap a rising adjustable rate for an affordable fixed rate;
- Reduce the principle balance of the property;
- Correct and forgive payment delinquencies and defaults;
- Adjust the length of the loan terms
Thankfully, most homeowners around Bothell, Woodinville, and Kirkland, Washington now qualify for benefits and savings with a loan modification under Obama’s "Making Home Affordable" program. With this plan, a borrower’s mortgage payment will never exceed 31% of their gross income. Since most loans exceed 31%, nearly all homeowners are technically eligible for HAMP assistance, including borrowers who have been denied a refinancing or home loan modification in the past.
By simply filling out a free loan modification evaluation, homeowners can immediately see what benefits they qualify for, the savings they may expect to see, and start exploring all the options available to them while beginning the process of saving their home.
For the banks and lenders, a foreclosure is a time-consuming and highly costly process in which they would prefer to avoid. Because of this fact, a successful loan modification is often available but requires skilled negotiations and knowledge in which many homeowners may not possess. This is where a trusted and well-qualified mortgage mitigation professional can make all the difference. While many scrupulous and fraudulent companies have left a bad reputation in recent news, certified and respectable professional servicers are commonly able to get a home loan modified easier and more efficient than a borrower can on their own.
Homeowners seeking a modification from their lender on their own need to provide the most accurate and essential information possible since all information will be used for or against them. Homeowners, therefore, must understand their lender's guidelines and how to use them in their favor, as well as assure all essential paperwork has been provided to the lender. Distressed borrowers also face being lost in the shuffle of an increasing flood of modification requests, often waiting by their phone for months to hear from their lender, and ending up in "cookie-cutter" modifications which result in later default, or even worse situations than when they started the process.
President Obama's "Making Home Affordable" plan will help distressed Bothell, Woodinville, and Kirkland, Washington homeowners save hundreds a month with a home loan modification or mortgage refinance. Any homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.
Mortgage Loan Center, LLC
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