If you have fallen behind in your home loan bills and are scared of foreclosure you could be a candidate for a home loan assistance plan. Because of the high amount of underwater mortgage holders a number of lenders are willing to negotiate mortgage refinancing or mortgage loan modification. Both of these initiatives have allowed loan holders to lower mortgage payments allowing many people keep their homes.
To encourage these home loan relief plans the government has passed 2 initiatives; the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP). These programs are run with the help of mortgage lenders and provides reasons for them to renegotiate with distressed borrowers to reduce regular mortgage payments. These programs both have basic qualification requirements.
To work out a mortgage refinance with the help of the Home Affordable Refinance Program Eligibility you must comply with a few qualifications. There are a number of aspects of your borrowing situation that are looked at when calculating your qualifications for a home loan refi.
You must own a one to four unit home. Your mortgage must be backed by either Fannie Mae or Freddie Mac. If you would like to know if your mortgage is guaranteed you can inquire with Fannie or Freddi directly.
If you are current on your mortgage and how much you owe has an impact on if you can refinance. To qualify it is necessary that your current loan does not exceed 125% of the current worth of your home.
For instance if you owe $400,000 on a home that is valued at $350,000 you would qualify. To learn if you are a candidate for mortgage refinance talk to your lender.
Like refinance programs mortgage modification programs also have specific requirements. To qualify for the HAMP program lenders will review your financial and borrowing history. Factors including why you are having trouble with payments and your monthly income will all be considered.
Millions of borrowers are getting government mortgage assistance find out how to qualify for home loan aid at http://governmentmortgageassistance.org
categories: mortgage refinance,loan modification,mortgage relief,foreclosure,mortgage,real estate,finance