Bellingham, Ferndale, and Deming, Washington homeowners who are now, or will soon be, facing foreclosure and threatened with the loss of their home, can pre-qualify for the Obama Federal loan modification plan. It is very important to explore all your options, including a home loan modification, and even learn how to calculate your debt ratio yourself.
Acquiring a secure and beneficial loan modification begins with preparation and a good understanding of how to apply, which can be the difference between getting approved or turned down. Knowing the requirements to qualify for the Obama loan modification plan is key. The best chance to get approval begins with the knowledge of the loan modification process and how to prepare the proper paperwork.
Every Bellingham, Ferndale, and Deming, Washington homeowners should immediately explore all your options to avoid foreclosure, and save your home.
Loan Modification Bellingham, Ferndale, Deming, Washington
Most Bellingham, Ferndale, and Deming, Washington homeowners have had to watch the value of their local homes fall to less than the amount they owe on their mortgage loan. Making things even worse for many, the average income has dwindled to make mortgage payments often impossible to afford. Interest rates continue to rise as adjustable rates jump to high fixed rates, and home values are still plummeting, all making refinancing no longer a financially sound option for most, leaving the necessity for a home loan modification.
A Loan Modification permanently changes one or more of the terms of your loan, and can lower your monthly payments to make them affordable, as well as correct defaults, and offer a fresh start. By modifying the loan, borrowers can meet the terms of the new loan, and continue to do so into the future. Mortgage mediation allows homeowners to stop the foreclosure of their family's home, while lowering the monthly payments and modifying the loan terms.
Under Obama’s “Making Home Affordable” plan, the majority of Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification. Obama's HAMP program demands that 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.
Washington 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
Eligible Bellingham, Ferndale, and Deming, Washington homeowners enduring financial hardships such as credit card debts, loss in income, unemployment, a 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.
Loan modification is now appearing to be the last chance for more and more Washington homeowners to save their homes from foreclosure. Unfortunately, a growing number of borrowers have given up completely and let their homes go into foreclosure, and a large number of those end up regretting it.
Bellingham, Ferndale, and Deming, Washington homeowners will be able to save millions by getting a loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan. Even borrowers who have been denied a refinancing or modification in the past have been having success with Obama’s mortgage refinance bailout plan.
Every Washington homeowner 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.