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23 November 2009
This chapter covers non-FHA or VA federal loan modification programs.Many of these are backed by government-supported lenders Fannie Mae or Freddie Mac.FHA and VA programs are covered in the previous chapter of this guide.
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23 November 2009
This chapter covers Federal Housing Administration (FHA) and Veterans Administration (VA) mortgage modification programs.The programs may or may not be restricted to FHA or VA loans.
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23 November 2009
Borrowers interested in obtaining a mortgage loan modification should start with their either their lender or loan servicer.
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23 November 2009
Borrowers who are behind on their mortgage payment, or soon expect to be, and who wish to obtain a loan modification from their lender, may choose to negotiate on their own behalf.There are several reasons borrowers would to do their own negotiation.They are:.
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23 November 2009
Applying for a mortgage loan modification is in many ways similar to applying for a mortgage in general.Factors for the lender to consider in a loan modification will include income, and the likelihood that it will continue, as well as how much equity is in the property.
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23 November 2009
Although a mortgage loan modification can provide substantial benefits, some homeowners may wonder about potential downsides to the process, including effect on credit score, possible costs and tax implications.The following are some of the most common concerns.
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23 November 2009
Homeowners who, for whatever reason, find themselves in a position where they are unable, or expect to soon be unable, to make their mortgage payments can realize substantial benefits from getting a loan modification.
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23 November 2009
Loan Modifications for borrowers can come in many different forms.This article will describe some of these, and borrowers may consider some of them when working with their lender.
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23 November 2009
Many borrowers, faced with payments that are now, or soon will be out of reach for them are wondering what their options are.Refinancing and modifying their loan are two choices.Borrowers should look at both when determining their options, with refinancing being the preferred option.
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23 November 2009
Lower monthly payments.
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27 October 2009
Probably the most confusion surrounds loan modifications.That's when the lender agrees to modify the terms of your mortgage to make it more affordable or perhaps help you get current again on your loan after a temporary financial difficulty.
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21 August 2009
Getting a mortgage loan modification can be a big help when you're in tough financial straits.However, the mere fact that you've been able to get a loan mod may not by itself be enough to ensure that you can stave off foreclosure.
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4 August 2009
Getting a loan modification on your mortgage can be a real challenge.But once the bank says yes and offers to modify the terms of your loan, there's yet another challenge to face - deciding whether to accept the offer or not.
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30 July 2009
Until now, financially pressed homeowners with an FHA-backed mortgage couldn't obtain a loan modification under the generous terms of the government's Making Home Affordable Program (MHA).But that's about to change.
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17 July 2009
One concern that many people have about getting a mortgage loan modification is how it will affect their credit rating.They may be in a position where a loan modification would help them, but they hesitate to pursue one for fear of harming their credit.
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23 June 2009
With the ongoing foreclosure crisis, there's been a lot of talk about loan modifications and refinancing mortgages as ways of helping at-risk borrowers stay in their homes.Together, they're the twin pillars of the Obama Administration's Making Home Affordable (MHA) program.
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