A hardship loan modification helps distressed homeowners avoid foreclosure because the government works directly with lenders to create terms that can help homeowners in arrears pay their monthly mortgage payments.
Rick Giese Editor of the "Loan Modification Foreclosure"
“…Here are three ways that this program can help distressed homeowners avoid foreclosure…
--The program helps homeowners by first lowering their monthly payments gradually down to no more than 31% of their pre-tax incomes.
The government can do this because they are offering lenders special monetary incentives to modify home loans to lower monthly payments down to no more than 31% of a borrower's pre-tax income. As a result, homeowners can work with their lenders to lower their monthly mortgage payments with confidence…”
--The program then helps homeowners stay on track by offering incentives for five years for sending in their monthly payments promptly.
These incentives can reach as much as $1,000 a year for five years. This money goes towards paying down the total amount owed on their mortgages. As a result, homeowners can receive a discount off the total cost of their mortgage by sending in their monthly payments promptly.
--In addition, homeowners will also get help managing their interest rate costs by receiving loans that have lower interest rates.
Homeowners who take advantage of this program will see their interest rates modified to lower rates that make their monthly payments much lower. This might be the biggest help of all to homeowners because interest rates tend to be one of the key factors in a homeowner defaulting on mortgages.
“…Finally, this loan modification program also helps homeowners because it provides help converting mortgages that are safer and more stable for homeowners.
One of the best things about this program is that it also helps home owners and lenders create terms that are safer and more stable for home owners to endure. This is true because the program allows lenders to modify the monthly payments and interest rates to lower levels for five years. This is ample time for homeowners to get their mortgages back on a more solid footing…” added Rick Giese.
As a result, distressed homeowners should seriously consider this loan refinance program to help them avoid foreclosure.
Further information about how to get professional assistance with a mortgage loan modification by http://www.miforeclosurehelp.com/
Kelly and John explain how HAMP 2.0 Refi Program saved their Sterling Heights home from Foreclosure
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Thanks for reading, Rick Giese.
Rick Giese is a real estate associate broker at RE/MAX Advisors.
Phone Toll Free: 1-800-274-5656. email: Rick@RickGiese.com
Rick Giese specializes in loan modification assistance and short sales in the Macomb , Oakland and southern St Clair County Areas of Michigan. Macomb Loan Modification Help, Macomb Short Sale Help. Oakland Short Sale Help Macomb and Oakland County MI our services are offering sellers another option besides pre-foreclosure foreclosure or bankruptcy that can affect their credit for years. We are currently offering our services in the Richmond, Shelby Township, Macomb Township, Chesterfield Township, New Baltimore, Clinton Township, Sterling Heights, Mount Clemens (Mt Clemens) Fraser, Harrison Township, Warren, Roseville, St Clair Shores areas of Macomb County Michigan Madison Heights, Troy, Clawson, Royal Oak, Rochester, Rochester Hills, Berkley, Birmingham areas of Oakland County
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.