Having a hard time making your monthly mortgage payments? The new home stimulus help available to you can get you assistance in the form of loan modification.
Loan modification is a lowering of your monthly mortgage payments through extending the term by up to forty years and reducing your interest rates.
It's not hard to see how this is helpful, but how can you get it? And ho does the home stimulus help your chances? First, know that the decision to modify your mortgage is up to your lender, and not the government.
While the stimulus does help improve your chances, there are just some factors that you cannot get away from when being considered.
For example, you must be going through a period of financial hardship and the property must also be your place of residence.
Each lender has their own set of requirements, so researching and calling you lender's loan modification department before applying is essential.
Some lending companies can let you know right over the phone if you are eligible, but most require that you go through the entire application process.
Be aware that after you have applied, you are going to have to wait another eight weeks to hear from your lender -- you are not the only one trying to get a modification on your home loan.
Another way the home stimulus helps is the FHA representatives it provides.
They can give you counseling on what you should do when applying for modification, as well as help you negotiate with them to get better terms.
Seeking their assistance is not required, but it is a good idea.
The home stimulus help is meant to assist over 5 million Americans over the next few years.
Don't sit by and lose your home, take an active role in reducing your payments and avoiding foreclosure.