Change has really come. The $75 billion dollars waiting to help homeowners potential get the loan modification they need. Action is needed to help the homeowners who are in financial difficulty and not the companies who have been playing a role in these difficulties because they gave loans out.
The $75 billion dollars is for the lenders who accept modified loan applications from homeowners. The modification plan is speculated to help approximately 5 million homeowners of the problems they have with their mortgage and then helping boost the economy.
The features of this plan include, but not limited to:
The current mortgage must be above 105% of the current property value or fallen below 95%.
Freddie Mac and Fannie Mae loans are also covered under this plan.
The Housing and Development Department have appointed representatives to help homeowners get approved through the loan modification program. This will cut down on the amount of "do it yourself" modified loans, which isn't as effective.
There are also grants available for first time homebuyers, current homeowner having financial difficulties and homeowners considering renovating their badly dilapidated homes.
Modified loans are now easier than ever under the federal loan modification plan with the help of free Housing and Development Department professions and grants. The focus of the plan is on the borrowers and not the lenders, which means, what is the best interest of the homeowners when applying for a loan modification.
Even with the $75 billion dollars worth of help, the lender is not totally cooperative with the plan and it is going to take some time on the homeowner's part. The homeowner need to show proof of their current income, taxes, bills, a well written letter explaining the financial hardship and the details surrounding the hardship. The plan will help homeowners, it us up to the lenders how fast they will approve the loan mods.
The $75 billion dollars is for the lenders who accept modified loan applications from homeowners. The modification plan is speculated to help approximately 5 million homeowners of the problems they have with their mortgage and then helping boost the economy.
The features of this plan include, but not limited to:
The current mortgage must be above 105% of the current property value or fallen below 95%.
Freddie Mac and Fannie Mae loans are also covered under this plan.
The Housing and Development Department have appointed representatives to help homeowners get approved through the loan modification program. This will cut down on the amount of "do it yourself" modified loans, which isn't as effective.
There are also grants available for first time homebuyers, current homeowner having financial difficulties and homeowners considering renovating their badly dilapidated homes.
Modified loans are now easier than ever under the federal loan modification plan with the help of free Housing and Development Department professions and grants. The focus of the plan is on the borrowers and not the lenders, which means, what is the best interest of the homeowners when applying for a loan modification.
Even with the $75 billion dollars worth of help, the lender is not totally cooperative with the plan and it is going to take some time on the homeowner's part. The homeowner need to show proof of their current income, taxes, bills, a well written letter explaining the financial hardship and the details surrounding the hardship. The plan will help homeowners, it us up to the lenders how fast they will approve the loan mods.
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