LOAN MODIFICATION BRIER, WOODWAY, MUKILTEO, WASHINGTON
Most Washington homeowners have witnessed the housing values around Brier, Woodway, and Mukilteo, Washington drop dramatically over these last years, while unemployment continues to escalate along side a growing number of foreclosures. As reported in recent news, at least half of American homeowners will owe more on their mortgages than what they owe ("underwater") in 2011, and without modifying these loans distressed homeowners will continue to face the loss of their homes.
The Obama administration is now putting greater pressure on lenders and their mortgage servicers, who act as bill collectors on behalf of investors who own mortgage bonds. On Aug. 4 the Feds unveiled the first of their monthly "name and shame" exercises, which publishes data on the loan modification efforts of about three dozen companies. Contrary to what many may believe, it costs the lenders more for a foreclosure than to modify the loan, and coincidentally lenders are more willing to modify the loan in order to prevent foreclosure.
Loan Modification permanently changes one or more of the terms of your loan which can lower your payments to make them affordable, correct defaults, and offer a fresh start. By modifying the loan, borrower can meet the terms of the new loan, and continue to do so into the future. Mortgage mediation allows homeowners to stop the foreclosure of their family's home, while lowering the monthly payments and modifying the loan terms.
Loan Modification:
- Lowers the homeowner's monthly payments;
- Reduces the principle balance of the property;
- Adjusts the length of the loan terms;
- Lowers the loan's interest rate;
- Swaps a rising adjustable rate for an affordable fixed rate;
- Corrects payment delinquencies and defaults;
Recently, the Obama administration introduced the Home Affordable Modification Program (HAMP) to help Americans modify their loans and by providing incentives to mortgage lenders to complete more loan modifications for their customers. Amidst one of the lowest points our economy since the 1970s, thousands of Brier, Woodway, and Mukilteo, Washington homeowners now face rising unemployment, increasing interest rates, plummeting housing values, and losing their homes out of no fault of their own. With a Free Loan Modification Evaluation, Washington homeowners can freely discover the answers to any foreclosure questions they may have, and start the process of saving their home.
According to the Department of Treasury, "Anyone with high combined mortgage debt compared to income or who is 'underwater' may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. Eligibility for the program will sunset at the end of three years." As reported by the LA Times, "This program applies to borrowers who are unable to make - or are struggling to make - mortgage payments that exceed 38% of their monthly income."
Those homeowners that choose to modify their loan on there own, face even greater challenges. Lost in a flood of modification requests, borrowers often wait weeks or months by their phone in hopes of an update on their situation. As has been reported in recent news headlines, lenders are not doing all that they can to help homeowners modify their mortgages, and the vast majority of modification requests have been denied. A large majority of borrowers were also encouraged, directly or indirectly, by their lenders to fall behind on their mortgage payments in order to qualify for modifications that never came. More than half of the clients who walk through servicers doors have been turned down when they tried to secure a loan modification on their own.
Brier, Woodway, and Mukilteo, Washington homeowners will be 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.
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