What To Do If You Need Help In Foreclosure

For help in foreclosure for mortgage holders, programs passed by the Federal Government

have made it mandatory for loan servicers to work with homeowners to modify mortgages. A loan servicer is the financial institution that you pay your monthly payments to and they might be your lender too. Many of these servicers, to prevent further losses from foreclosures, are now committed to postponing foreclosure sales for borrowers who can meet the eligibility criteria for a Home Affordable Modification.

If you are experiencing difficulty in meeting your monthly mortgage payments and are finding your mortgage unaffordable, and need help in foreclosure, contact your lender immediately to find out if they are participating in the Obama Administrations Making Home Affordable program or contact a HUD-approved counselor for free advice and information.

If youre an owner-occupier in a one to four unit property and your unpaid balance is equal to or less than $729,750 for one unit property; your loan was originated on or before January 1st 2009; your mortgage payment is more than 31% of your gross (pre-tax) monthly income, (including taxes, insurance, and homeowners association dues), and, you have a mortgage payment thats no longer affordable for you, help in foreclosure for you, could mean applying for a Home Affordable Modification because you meet the five qualifying points as listed above.

Modifying your mortgage will helps to avoid foreclosure and you dont have to be behind with your payments to apply, but your payments may have recently increased to a level less affordable to you. Only first mortgages are eligible for modification. Your load servicer will determine the reduction required to reduce your interest rate down to a point where its less than 31% of your gross income and confirm your financial information is correct

by: shakil

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