Only Loan Modification Can Help Save You from Foreclosure
Only Loan Modification Can Help Save You from Foreclosure
HUD, the Department of Housing and Urban Development, had earlier released a notification stating that mortgaged homeowners, who had gone for short sale, were not entitled to go for FHA loan. Federal Housing Authority Loans, otherwise popular as FHA Loans, are the easily available home mortgage loans that US mortgage homeowners can avail at fairly low interest rates and lower down payments, unlike the ones offered by many of the banks in America.
FHA loans came into action on December 16, 2009, and any mortgage homeowner who opted or executed for short sale deal for taking full advantage of poor real estate market conditions was not eligible to qualify for the FHA loan. Similarly, any homeowner who had purchased a property at low prices was also not eligible for the FHA loan.
FHA loan modification requirements are easy to follow and moreover, they are also easy to qualify. The requirements are not as stringent as those highlighted under the Federal Loan Modification Program.
Remember, federal loan modification failed and the servicing banks made it too difficult for the mortgage homeowners to negotiate monthly mortgage payments on easy terms. But, HUD served great support to the servicing banks that could foreclose the homes without any horror of losing on short sale deal.
Take a close look on the Obama loan modification program! The program is designed to meet the high interest rate mortgage modification. Further the program is seen as a relief to homeowners who are on the verge of running foreclosures on their current primary residences.
The very first significant point to note here is that the mortgage modification was designed to meet the requirements of not all those financially weak homeowners. Guidelines were set apart which were essentially the deciding criteria whether the mortgage homeowner could refinance or modify his/her current mortgage or not. The guidelines were also the basis for mortgage homeowners to get a fair idea about the whole process of mortgage modification and refinance.
If you are serious about federal mortgage refinancing, then you have to pretty serious about reading the guidelines given under the federal program. What you need to think is when you actually get started!
Loan Modification Help can be sought from the servicing bank or even from your personal loan mortgage lender. Make a choice now.
Since foreclosures are becoming quite a common occurrence, it becomes very necessary on your part to go for immediate Loan Modification Help and keep your home secured. Take the help of a loan modification expert.
The author has experience is completely aware about loan modification program and the prerequisites for home affordable refinance.