We have all heard President Obama's plan for what he calls Americas economic come back. At best it is a roller coaster ride with multiple twist and turns. One of the many twist is the claim of solving the countries foreclosure crisis.
Most of us feel alone in our search for a foreclosure bailout lender... the truth is you are not alone in this matter. Thousands of families all across the country have found themselves in the deadly position of loosing their homes as well.
It all comes down to your credit rating... If your credit hasn't dropped and you are current on your mortgage payments, and you have a lot of equity built up in your property - you "may qualify" for a foreclosure bailout 80 ltv loan which is a 80% loan to value type loan.
Many families are pulling their hair out and praying while helplessly waiting for any type of foreclosure relief. I am referring to the relief that falls under the government bailout according to the FHA Hope for Homeowners Act which was introduced by Congress in October 2008. The goal of this plan is suppose to stop foreclosure loans on a large scale and save the American public at large.
According to industry experts the number of homeowners that default on their home loans will skyrocket. Those same experts have also predicted that things will get worse before getting better.
Since these same experts (the mortgage companies) know what's coming down the road they claim to be aggressively planning ways to avoid foreclosures before it happens. Homeowners are being advised to look into what is called loan modifications with their current bank. In laymen terms a loan modification will allow the lender and the borrower to negotiate the terms of the current loan to make it more affordable, thus creating a win-win situation.
We as homeowners are advised to seek out bailout lenders that are going to give you a good interest rate, length of the payback terms, points and fees, and we should also take in to consideration the reputation of the mortgage company.
Most of us feel alone in our search for a foreclosure bailout lender... the truth is you are not alone in this matter. Thousands of families all across the country have found themselves in the deadly position of loosing their homes as well.
It all comes down to your credit rating... If your credit hasn't dropped and you are current on your mortgage payments, and you have a lot of equity built up in your property - you "may qualify" for a foreclosure bailout 80 ltv loan which is a 80% loan to value type loan.
Many families are pulling their hair out and praying while helplessly waiting for any type of foreclosure relief. I am referring to the relief that falls under the government bailout according to the FHA Hope for Homeowners Act which was introduced by Congress in October 2008. The goal of this plan is suppose to stop foreclosure loans on a large scale and save the American public at large.
According to industry experts the number of homeowners that default on their home loans will skyrocket. Those same experts have also predicted that things will get worse before getting better.
Since these same experts (the mortgage companies) know what's coming down the road they claim to be aggressively planning ways to avoid foreclosures before it happens. Homeowners are being advised to look into what is called loan modifications with their current bank. In laymen terms a loan modification will allow the lender and the borrower to negotiate the terms of the current loan to make it more affordable, thus creating a win-win situation.
We as homeowners are advised to seek out bailout lenders that are going to give you a good interest rate, length of the payback terms, points and fees, and we should also take in to consideration the reputation of the mortgage company.
No comments:
Post a Comment