Several banks that received a bailout from the government are compelled to give assistance to homeowners with problems with their existing mortgages.The banks must work with the homeowners regarding their Long Island loan modification to help them keep their homes.The U.S. President has organized a number of programs to help homeowners keep their current homes. One of the most important programs that many homeowners are thankful for is the HAMP or Home Affordable Modification Program.
Loan modification can be a complicated process. It usually involves a lot of bank follow-ups and documents. There were borrowers who tried to modify their mortgage without a professional’s help. Statistics showed that 85% of the said homeowners did not get an approval from the bank.
Take note that constant follow-up is necessary if you want to make sure that the bank is doing what they should be doing. It is prudent to seek help from someone who knows the questions to ask and the things that you should do to expedite the process. Someone knowledgeable about the things that you need to do to obtain a Long Island loan modification is an option you should consider.
Things that Make you Eligible for a Loan Modification
You need to satisfy all of the requirements to be eligible to apply for a loan modification. The requirements that you need to meet are in the succeeding paragraphs.
The house that you would like to apply for a loan modification must be your primary residence.
Your mortgage was granted on or before the 1st day of January, 2009.
Your mortgage payment exceeds 31% of your monthly gross income (salary and other sources).
You are currently experiencing financial difficulty. It could be that you already have a delinquent account or in trouble of having a delinquent account.
The balance that you need to pay for your house must not exceed $729,750.
You must be able to convince the bank that you have sufficient income to pay the modified loan without fail. You need to produce documents that strongly support your claim.
You need to possess a clean record that has something to do with a real estate or mortgage transaction.It is important that you have not committed (or convicted of) theft, felony, money laundering or tax evasion, larceny, and fraud within the last ten years.
If you failed to satisfy all the stated requirements, then you won’t be eligible to apply for a Long Island loan modification. Even if you missed only one requirement, it is still impossible to apply for a loan modification.
The Many Things that the Program Offers
The program intends to help homeowners live in their homes without worries.
Under the program, you will be able to enjoy an interest rate as low as 2%. You can buy other essential things with your take home pay.
You will also get to enjoy an extended term of up to 40 years. Extended term only means that you will be paying less per month (as compared to the monthly dues of the current loan). You can save some of the money in the bank for emergency.
You also get to enjoy a deferred interest on principal, and a reduced principal amount that you need to pay.
The mentioned program is just one of the many programs that can help the homeowners avoid losing their homes. You can ask your chosen Long Island loan modification expert for some advice regarding the best course of action to take. Remember that someone is always there to help you out when you needed it the most. You just need to choose wisely to avoid falling to the trap of scammers.
Although things might look a bit dark, a home owner still needs the assistance of a Long Island loan modification specialist.