Market research shows that more than half of the homeowners who are struggling to meet their monthly mortgage payments never contact their bank to investigate possible foreclosure prevention options. Yet many lenders are willing and able to work out payment or modified loan options with the mortgagee. If you’re concerned about your home loan and need more information about how you might discuss foreclosure-prevention options with your bank, remember you are not alone and their is help available. Contact me at REMAX Partners in Andover to arrange a confidential, no obligation consultation with a real estate professional who can help.
Some key points on Obama’s foreclosure-prevention plan:
Loan terms may be modified by reducing payments for distressed borrowers
- Refinancing for those current on payments, but have little or no equity in their home
- Plan starts right away and is strictly for primary residences that are not vacant or condemned
- Call your loan servicer for help to see if you qualify
- There are no fees for this type of loan modification
- To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac
- Modification plan ends on December 31st of 2012
- Loans can be modified one time only
More information is available at financialstability.gov
