subject: Commercial Refinance Mortgage Self Help is the Best Help [print this page] Millions of people have been affected in the recent real estate bubble burst and recessions and you may be one of them.
It is unfortunate that you being so young had just invested all your savings to buy your home and moved in with your family to find yourself on road again.
Most of us the normal hardworking people do not see such things coming, for we are not into reading the financial news or following economic forecasts. Most of us have absolutely no knowledge or exposure to the monetary and fiscal policies as well as the business of real estate to guide us.No doubt that it is the innocent who get caught at such times.
You will find hundreds of houses vacant and banks have taken over to auction them. But then slowly people are realizing that they have probably panicked and froze due to the shock of finding out that they have lost their precious homes, rather than looking at how to find help and get over with the trouble. There are quite a few homes which have not been vacated and are still lived in though they owe the bank the money. What is the secret? May be you should walk up to them and find out. Then you too might adapt the same solution and get out of the soup.
Check out and collect all information you can regarding the loan modification and reconstruction options that are available with all banks, financial institutions as well as the programs instituted by Federal Government.
Federal Government has stepped in with its program of Home Affordable Modification Program, which was launched on 18th Feb 2009 , aiming to help and assist the 7 to 8 million families that are loosing their homes due to non payment of outstanding loans and their homes are being auctioned off or loan foreclosed by the banks.
Financial Stability Act of 2009 create the HAMP and it works with financial institutions and banks to lower and restructure the monthly mortgage payments of the borrowers who have been affected. This is a collaborative effort with the involvement of the financial industry including banks, credit unions, FHA, VA, USDA as well as Federal Housing Finance Agency. The executive committee has floated guidelines for lenders to consider while evaluating proposals for loan restructuring. The committee, with an intention to expand the program to include as many people as possible is currently scrutinizing the industry practices in detail.
For any individual to qualify for a loan restructuring under this scheme, certain eligibility criteria has to be met. To be eligible you should have availed the home loan prior to Jan 1 2009.Secondly only owner occupied properties with first lien loans and with unpaid principle due up to $729,750 are eligible. It is for the applicant to submit documentary evidence to prove that they are in a financial crunch and that they are unable to pay the monthly installments. To support their claim, applicants have to submit copy income tax returns filed along with duly signed affidavit. The last date for loan modification is 31st Dec 2012 and as such only once can the loan be modified.
With this information you should now be able to gather yourself and work on options to get out of your situation.
Commercial Refinance Mortgage Self Help is the Best Help
