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How do I know if I am eligible for a loan modification under the “Making Home Affordable

Tue, 18 May 2010 18:13:25 GMT

You may be eligible if:

• You are the owner occupant of a one to four unit home,
• The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (Don't know? See below),
• At the time you apply, you are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months or, if you have had the loan for less than 12 mo

What is a loan modification, and how will it help me with my mortgage?

Fri, 06 Mar 2009 02:05:50 GMT

A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal of a loan modification is to lower monthly mortgage payments to a level that homeowners can better afford, thus decreasing the risk of foreclosure. Typically, loan modification programs are targeted at homeowners whose ability to afford their current mortgage payment has declined, either due to job loss, increased interest r

What supporting documentation do I need to provide to get a loan modification?

Wed, 22 Apr 2009 20:05:14 GMT

There may be certain information required by your lender that varies depending on the particular loan modification program for which you are applying. However, generally it will help your lender if you gather the following basic information:

• Information about the monthly gross (before tax) income of all the borrowers on your loan, including recent pay stubs if you receive them or documentation of income you receive from

What's the difference between loan modification and debt settlement?

Mon, 09 Mar 2009 00:58:43 GMT

Debt settlement typically involves working with a professional debt settlement company to negotiate with the creditors to whom you owe debts. Your creditor may, for example, accept a one-time payment of 20 – 75% of your total debt and forgive the remainder of your debt. Loan modification, however, simply changes the terms of your loan to make payments more affordable. It does not reduce the amount of money that you owe to the creditor.

Do I need to be behind on my mortgage payments to be eligible for a loan modification under the Home Affordable Modification?

Wed, 22 Apr 2009 20:09:40 GMT

No, you do not need to be behind on your mortgage to qualify for loan modification under the Home Affordable Modification Program. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default, for example, because their mortgage payment has recently increased to a level that is not affordable. If you have had or anticipate a significant increase in your mortgage payment or you have had a significant

How long does it take to get a loan modification?

Fri, 06 Mar 2009 02:09:17 GMT

The length of time that it takes to get a loan modification depends greatly on how long it takes your mortgage holder to process your loan modification, as well as how long it takes you to provide your mortgage holder with all of the information necessary to modifying your loan. Given the expected increase in loan modification requests as a result of the Homeowner Affordability and Stability Plan, it may take weeks or even months for your mortgage holder to process your loan mod

Can lawyer really help with a loan modification?

Wed, 29 Dec 2010 19:17:10 GMT

While there are many non-lawyer individuals and companies that offer loan modification services, a lawyer is the better choice if you are interested in a successful loan modification. Only a lawyer can give you valid legal advice about your available options in terms of a loan modification or other similar relief, and inform you of the legal implications of a successful loan modification. Plus, a lawyer is likely to have greater experience in negotiating with your lender to rea

What do I need to give to my loan servicer if I am requesting a loan modification?

Fri, 06 Mar 2009 02:12:48 GMT

You are likely to need the following documents for your loan modification request:

· Recent paystubs or documentation of your monthly gross household income

· Your most recent income tax return

What are the basic eligibility requirements for a loan modification under the Homeowner Affordability and Stability Plan?

Fri, 06 Mar 2009 02:17:39 GMT

You must meet some minimum eligibility requirements in order to qualify for a loan modification under the plan:

· You have to live in your home, which can be a single-family home or a house containing up to four units or apartments.

· Your unpaid principal balance on your mortgage

Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?

Fri, 06 Mar 2009 02:21:17 GMT

No. You may still be eligible for a loan modification under the Homeowner Affordability and Stability Plan if you are current in your mortgage payments, but you are struggling to make those payments. For instance, if you have had a significant increase in your mortgage payment due to an adjustable interest rate, or if you have had a decrease in income, you may be eligible for a loan modification. If you meet the minimum eligibility requirements for a loan modification as outlined

Will I be eligible for a loan modification under the Homeowner Affordability and Stability Plan if I am behind in my mortgage payments, but my house is not yet in foreclosure?

Fri, 06 Mar 2009 02:24:37 GMT

As long as you are otherwise eligible under the basic requirements discussed above, you have missed two or more mortgage payments, and your loan servicer is participating in the loan modification program under the Plan, your loan servicer must evaluate your loan for loan modification eligibility. There is no distinction made in the eligibility requirements in terms of whether you are current in your payments, behind in your payments, or facing foreclosure. The only distinction bas

Should I have an attorney help me with a loan modification - or do it myself?

Mon, 09 Mar 2009 00:40:28 GMT

You may contact your loan servicer directly about applying for a loan modification. You can also receive no-cost housing counseling about the options that might be available to you. However, if you are facing foreclosure or bankruptcy, or otherwise in serious need of a loan modification, you should talk to an attorney about your situation immediately. An attorney has an advantage in negotiating a loan modificaiton with your lender since an attorney is readily familiar with a

How do I know if my loan servicer is participating in the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 01:35:18 GMT

You should check with your loan servicer to see if it is participating in the Plan. If your loan servicer is not participating in the Plan, you should still check with your loan servicer in order to see if it offers other types of programs that could allow you to maintain your home. Also, contact an attorney in your area to discuss your eligibiltiy for loan modifications under this, or other, programs.

Are all mortgage loans eligible for refinancing or loan modification under the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 01:29:32 GMT

Yes, most types of loans, including adjustable-rate mortgages, prime or sub-prime mortgages, and loans through Freddie Mac, Fannie Mae, or private lenders are eligible under the Plan. Federal government loan programs, such as VA or FHA loans, also will be eligible under the Plan or some sort of similar program.

Can I refinance or modify the loan on my rental home or duplex?

Mon, 09 Mar 2009 01:24:09 GMT

Under certain federal loan modification or refinance programs, you cannot refinance or modify the loan on your rental or vacation home; you can only refinance or modify the loan on your primary residence for those programs. If you own a duplex, but you rent it out, you cannot refinance or modify the loan on that duplex. However, if you rent one side of the duplex and live in the other side, it is your primary residence, and you can refinance or modify the loan on the duplex.

Do I have to undergo debt counseling to participate in either the loan modification or refinancing programs under the Homeowner Affordability and Stability Plan?

Mon, 09 Mar 2009 01:18:01 GMT

Maybe. You will be eligible for free counseling if you participate in either of these programs. However, you are not required to participate in counseling unless you have very high debts in relation to the amount of your income.

My loan is scheduled for foreclosure. What should I do?

Wed, 16 Feb 2011 14:44:03 GMT

Many lenders and loan servicers have made a commitment to postpone foreclosure sales on mortgages that meet the minimum eligibility criteria for loan modification under various modification and refinance plans. These lenders and servicers want to evaluate such loans so that eligible homeowners can obtain appropriate modifications and avoid foreclosure. However, the clock is often ticking.... Borrowers whose loans have been scheduled for foreclosure or a

If I'm current on my mortgage will the Home Affordable Refinance Program help me?

Tue, 12 May 2009 15:46:07 GMT

If you are current on your mortgage, you may be able to refinance your loan under the Home Affordable Refinance Program. Many homeowners who are current on their mortgages have been unable to refinance their mortgages and take advantage of today's lower interest rates because their homes have decreased in value. These eligible borrowers may now have the opportunity to refinance. Through the Home Affordable Refinance Program, Fannie Mae and Freddie Ma

How do I know if my loan is owned or has been securitized by Fannie Mae or Freddie Mac?

Tue, 12 May 2009 15:51:31 GMT

You should call your mortgage lender or servicer (the organization to whom you make your monthly mortgage payments) and ask about the program.

Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers will provide or enter information to determine if either agency owns or securitized the loan. This information is not a guarantee of eligibility for the ref

I owe more than my property is worth. Do I still qualify to refinance under the Making Home Affordable Program?

Tue, 12 May 2009 15:57:30 GMT

You may still be able to refinance your home under the Making Home Affordable Plan even if you owe more than your property is worth. Eligible loans will include those where the first mortgage will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less on your first mortgage you may qualify. The current value of your property will be determined after you apply to refinance.

Will refinancing lower my payments?

Mon, 28 Mar 2011 19:12:47 GMT

Refinancing your home often will lower your monthly payments. However, whether your payments are reduced may depend upon how your home is refinanced and whether your loan is modified or not. Under the Home Affordable Refinance program, creditworthy borrowers who have shown a commitment to paying their mortgage have the opportunity to refinance their mortgage so that the payments are affordable and sustainable for the life of the

Will refinancing my mortgage under the Home Affordable Refinance Program, or other programs, reduce the amount that I owe on my loan?

Tue, 12 May 2009 16:06:57 GMT

Refinancing your mortgage under the Home Affordable Refinance Program will not reduce the amount you owe on the mortgage. The objective of the Home Affordable Refinance is to help borrowers get into more affordable loans. Refinancing will not reduce the principal amount you owe to the first mortgage holder or any other debt you owe. However, refinancing should save you money by reducing the amount of interest that you pay over the life of the loan.

If yo

How do I apply to refinance my mortgage under the Home Affordable Refinance Program?

Sun, 20 Feb 2011 15:41:58 GMT

You should call your mortgage servicer or lender and ask about the Home Affordable Refinance application process. The number is on your monthly mortgage bill or coupon book. It may take some time to speak to someone at your bank about refinancing under this option. This is because the program is fairly new, so lenders and servicers are just beginning to implement the program and it may take time before they are ready to process

Who is eligible for a loan modification under the Home Affordable Modification Program?

Thu, 09 Jun 2011 18:45:29 GMT

To apply for a Home Affordable Modification, you must:

• Be an owner-occupant in a one to four unit property;

• Have an unpaid principal balance that is equal to or less than $729,750 for one unit properties (there is a higher limit for two to four unit properties - consult your servicer);

• Have a loan that was originated on or before January 1

Can lawyer really help with a loan modification?

Wed, 29 Dec 2010 19:17:10 GMT

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