Struggling homeowners in American are now able to receive help with keeping their homes by choosing between refinancing or lowering their monthly mortgage payments through a loan modification.
Known as the Home Affordable Plan, it is available to qualified applicants. Here are the facts on the plan:
* Under the Home Affordable Modification Plan, homeowners facing financial hardship are able to obtain a lower interest rate despite plummeted property values or bad credit. In turn, lenders receive incentive payments for the modified loans. You can be looking at a 2% reduction to your existing rate, a loan term extension to 40 years, and principal deferral. This is especially important to those homeowners whose property values have suffered and who cannot otherwise sell or refinance.
* Have you been unable to refinance? The new plan offers qualified homeowners with a new loan at the current market rates. With Fannie Mae or Freddy Mac, they require your mortgage be at least 105% of the current value, and that you have not been more than 60 days late in your payments the past 12 months.
* Did you know the Hope for Homeowners refinance plan can now help more homeowners? So far, this FHA insured plan has completed only 70 loans, so there are now new guidelines to allow more homeowners to qualify. Your lender will be provided an incentive payment by the government by creating a refinanced loan at the existing market rates.
- Choosing Between Loan Modification Vs. Refinancing
- Details about Refinancing a Second Mortgage
- Get Extra Cash By Refinancing
- Home Refinancing Is More Than Just About Interest Rates
- How Time Influences Mortgage Refinancing
- Responsible Refinancing: Tips To Avoid Predatory Lending
- Steps Involved in Refinancing a Home Mortgage
- What is the Difference Between Loan Modification and Refinancing?
Choosing Between Loan Modification Vs. Refinancing
Posted by
Jie
on Monday, November 23, 2009
14 comments:
i want to get a loan modification because refinancing is not possible for me. thanks for sharing this article.
This article gives me a lot of information about this topic. Thank you.
this article is great and it has a lot of ideas
I think I prefer loan modification. Therefore I can choose more flexible loan with lower rates.
i personally feel refinancing is better than the loan modification ,
3 thumbs up for ur post!!
i want to get a loan modification because refinancing is not possible for me. thanks for sharing this article.
Home Affordable Modification Plan seems very much helpful for those whose property values have suffered and who cannot otherwise sell or refinance.On the other hand Homeowners refinance plan shows the way to lenders by making them paid by government itself.. Sounds really great
I feel loan modification plan is great plan for struggling household to pay their debt as they can buy some more time and pay less interest rate to pay off their debt..Great idea...
The article seems to be great for me because I`m going to get a loan modification. I`ll recommend this blog to my friends.
Nice comparison which is beneficial for many people who really want some good advice in order to help them decide easily and this article will surely useful regarding this confusing matter.thanks for sharing.
It is very easy to learn the details of the notification plan and struggling the plan for the people.
I'd say Loan Modification because i dont want more expenses, compared to Refinancing. Kudos for Sharing your thoughts!
Loan modification is better option for me because its easy to implement.
Oh... I now Know what difference between loan modification and refinancing, before I thing both of that is same, it's make me little confuse for two term.. thx for you explain..
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