Loan Modification Renton, Federal Way, Kent, Washington

Loan Modification Renton, Federal Way, Kent, Washington

A growing number of Renton, Federal Way, and Kent, Washington homeowners have now gone “underwater” as the value of their homes have fallen to less than the amount owed on their mortgage loans. While a home’s average income has dwindled, making mortgage payments nearly impossible to afford, unemployment continues to escalate around the country. As interest rates continue to raise, adjustable rates jumping to high fixed rates, and home values falling, refinancing is no longer a financially sound option for most, and now most are looking for a home loan modification.

Backed by $75 billion in funding, President Obama’s home loan modification program, created to help you save your home and avoid foreclosure, is intended to help 7-9 million homeowners modify their mortgage loan. The Obama administration’s loan modification program is a government plan designed to help every American home owner access the current low mortgage interest rates by modifying their mortgage loans.

The majority of Washington homeowners now qualify for hundreds of dollars in monthly savings with a loan modification under the Obama administration’s “Making Home Affordable” plan. Thanks to the HAMP program, a homeowner’s mortgage payment cannot exceed 31% of their gross income, and because most home loans exceed 31%, the majority of borrowers are eligible for assistance.

Loan Modification:

• Lowers the homeowner's monthly payments;
• Lowers the loan's interest rate;
• Swaps a rising adjustable rate for an affordable fixed rate;
• Reduces the principle balance of the property;
• Corrects payment delinquencies and defaults;
• Adjusts the length of the loan terms
• Or any combination of the above!

Keeping all of this in mind, homeowners are scrambling to avoid foreclosure with the help of a modified home loan. Mortgage loan modification allows you to lower your monthly payments, lower your interest, lower your principal, adjust the term of the loan, or any combination of these. Your home is the greatest financial commitment you are going to make in your life, and acquiring secure and successful mortgage mitigation.

Eligible Renton, Federal Way, and Kent, Washington homeowners suffering financial hardships such as credit card debts, loss in income, unemployment, a bad mortgage, or other financial circumstances, can get approved for a 4% mortgage refinancing and modification plan under President Obama’s “Making Home Affordable” plan.

Lowered interest rates can prevent homeowners from being foreclosed on, help homeowners who are in the foreclosure process, and prevent mortgage defaults, by saving hundreds of dollars per month on your home loan payments. Homeowners can immediately determine what your current mortgage debt-to-income is and how much your monthly payment may be reduced if you qualify for Obama's Loan Modification Program.

Renton, Federal Way, and Kent, Washington homeowners are able to save millions by getting a home loan modification or mortgage refinance using President Obama’s “Making Home Affordable” plan. Any homeowner now facing foreclosure, or about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification to save your home.