When applying for a mortgage loan modification there are several different kinds of modification that are available that can assist a homeowner. The government subsidized loan modifications or a mortgage company's custom loan modification. The 2 separate mortgage loan help programs are usually very similar except for a few distinct differences. Some homeowners are satisfied with either one of these programs, and others are more discriminating with both programs.
The government home modification is likely to have a few more mortgage perks that will help to put some extra money back in the pockets of a borrowers in the long run. For example, the Home Affordable Modification Program(HAMP), this program will give a additional principal mortgage reduction at the end of each calendar year that a homeowner is current with their mortgage payments for up to 5 years straight, once the mortgage loan has been modified and set on a particular payment amount. That is a great benefit to borrowers who are able to avoid going past due on their mortgage again. The only problem with the government modification, is that they are more rigid in their requirements than a custom modification offered by a mortgage company, and they can take longer to get approved. The custom modifications on the other hand are quicker to get approved, some lenders are approving a custom home loan modification program in as little as 10 days. You heard me right, in as little as 10 days. Plus, they start reporting borrowers as current with the credit bureaus right away, but they do not have all of the perks of doing a government modification program. They might not have a mortgage principal reduction, or if they do have one it is not as attractive as the government programs that take longer to complete; there can be lots of hold up with the treasury in completing some of their programs.
Regardless, getting a home loan modification will benefit a homeowner if they are able to be approved. Any homeowner that is struggling to keep up with their mortgage payment, or their mortgage payment amount that is too high would be wise to accept an offer to lower their house payment. Doing so will have positive financial effects in a fairly short amount of time.
We teach homeowners the latest strategies for getting a help with their house payment, and how to get a better mortgage loan modification deal to benefit them and their loved ones for many years to come.
The government home modification is likely to have a few more mortgage perks that will help to put some extra money back in the pockets of a borrowers in the long run. For example, the Home Affordable Modification Program(HAMP), this program will give a additional principal mortgage reduction at the end of each calendar year that a homeowner is current with their mortgage payments for up to 5 years straight, once the mortgage loan has been modified and set on a particular payment amount. That is a great benefit to borrowers who are able to avoid going past due on their mortgage again. The only problem with the government modification, is that they are more rigid in their requirements than a custom modification offered by a mortgage company, and they can take longer to get approved. The custom modifications on the other hand are quicker to get approved, some lenders are approving a custom home loan modification program in as little as 10 days. You heard me right, in as little as 10 days. Plus, they start reporting borrowers as current with the credit bureaus right away, but they do not have all of the perks of doing a government modification program. They might not have a mortgage principal reduction, or if they do have one it is not as attractive as the government programs that take longer to complete; there can be lots of hold up with the treasury in completing some of their programs.
Regardless, getting a home loan modification will benefit a homeowner if they are able to be approved. Any homeowner that is struggling to keep up with their mortgage payment, or their mortgage payment amount that is too high would be wise to accept an offer to lower their house payment. Doing so will have positive financial effects in a fairly short amount of time.
We teach homeowners the latest strategies for getting a help with their house payment, and how to get a better mortgage loan modification deal to benefit them and their loved ones for many years to come.
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