Home Loan Modification For Georgia - Uncle Sam Wants To Help You

The state of Georgia has one of the ten highest foreclosure rates in the nation

. The housing market continues to trend downward, with large cities such as Atlanta, Columbus, Savannah, and Augusta being hardest hit. If you've recently lost your job, separated from your partner, entered the military, or had another major change in your financial ability to make your loan payments, you should consider the Loan Modification GA Program. Georgia residents can apply to have the terms of their loan renegotiated so that they can make their monthly payments and stay in their homes.

The government's housing plan seeks to prevent homeowners from going into foreclosure. In order to accomplish this goal, the plan requires lenders to reduce your monthly payment to approximately one-third of your income. They can do this by reducing the interest rate, extending the length of the loan to forty years, or forbearing loan principal. In addition, the federal government provides incentives for lenders to offer loan modification. GA residents can also receive a government entitlement for up to three years if they continue to make monthly payments on the new loan.

In order to qualify to restructure your home loan, you'll need to provide proof of your current financial situation and demonstrate compelling hardship. These are the two most important facets of being approved for the Loan Modification GA Program. Showing documentation of your financial situation demonstrates that you will be able to meet the payment terms of the new loan, and establishing compelling hardship demonstrates that you cannot continue to make payments on the current loan due to unforeseen financial circumstances such as a lost job, a job relocation, or a divorce.

The Loan Modification GA Program is only available to homeowners for their primary residence. This stipulation prevents real estate speculators from benefiting due to poor investment choices. However, the government program is intend to be readily available for those truly in need of loan modification. Ga residents who are undergoing financial duress can, under the terns of the government plan, renegotiate the terms of their loan so that they can remain in their homes.

If you are thinking of applying for a Loan Modification GA Program, you should do your research so that you'll know what the requirements are and how you can best present your situation. If you feel uncomfortable dealing with your lender yourself, you can consult a loan modification specialist to handle the negotiations for you. Loan modification specialists can help you prepare the necessary documents, assemble facts, and present your case in the most effective way possible. Whether you decide to handle the case yourself or you take advantage of a loan modification company's services, you should be aware that the program exists to help you and to prevent you from becoming a victim of unfair lending practices.

by: Wayne Estes

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