Federal Loan Modification - Making Mortgages Manageable [mortgageinsuranceguide.blogspot.com]
Homeowners in a federal disaster area whose homes are damaged and those who are unable to make their mortgage payments because of the disaster are eligible for relief under the U.S. Department of Housing and Urban Development's Making Home Affordable ... Mortgage Relief is Available for Flood Victims
The billion deal between the states and major banks to provide foreclosure relief will not provide any assistance for those with federal mortgage loans, reports Bill Whitaker.
mortgageinsuranceguide.blogspot.com CBS Evening News with Scott Pelley - Bank deal won't protect federal mortgages
President Obama has allocated 75 billion dollars to assist homeowners who find themselves unable to pay their monthly mortgage payment due to extenuating circumstances beyond their control. Millions of homeowners who were facing foreclosure will be able to stay in their homes and get a second chance through a Federal Loan Modification.
Qualified homeowners who meet the application guidelines can actually have their existing unaffordable mortgage rewritten to more favorable terms. Interest rates can be reduced, loan terms can be lengthened, and even principal reduced. This results in a house payment that is less than 31% of the gross monthly income. This payment includes taxes, insurance and homeowner dues.
The hope is that the reduced payment will allow homeowners to remain in their home and remain current in their mortgage. It is truly a second chance at home ownership.
The lender gets a $ 1000. reward for every modified mortgage, and the homeowner gets $ 1,000. for every year up to five that they make their payments on time. This is a sizeable reduction in principal to work toward!These modified loans are only available for a limited time. The application deadline is December 31, 2012. Experts advise that you should prepare your application materials and calculations before you contact your lender. This allows you to prepare your information in line with the application guidelines. It is important to note that you only get one chance at applying for a Federal Loan Modification.
If you are struggling with your mortgage, don't delay. Investigate the program and what is required to apply. Do your homework, prepare your materials, gather your documentation and then contact your lender.
Don't wait until you are behind in your payments; be proactive and do something about it now. Your home is at stake. More Federal Loan Modification - Making Mortgages Manageable ArticlesQuestion by felixnovak80: Should mortgage-forecloserees be given federal assistance? Proposed federal assistance to persons facing foreclosure on their homes is an example of selective socialism. This help along with the many others ,e.g., monetary grants to various socially impacting endeavors is acceptable to those who vigorously defend our capitalistic system of government. Could it be that these deviations are what supports capitalism? Best answer for Should mortgage-forecloserees be given federal assistance?:
Answer by Carl P
You use a lot of words that really say nothing. Our capitalistic government is in fact not, nor has it been from when Social Security was formed. We have been leaning and moving toward Socialism for a long time. However I do not believe we should give federal assistance to the Mortgage problem. In fact it is certain that the land speculators and developers will steal all the funding because they did not make the profits they wanted as to the home owners who got screwed by fast talking lenders.
Answer by MeinFuhrer!Icanwalk
No its bullshit. I have a feeling if we go through with it...we'll be seeing a lot of careless investments in the future. Or if we do end up we the assistance...we regulate these fuckers like crazy.
