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Follow on Google News | How Does The Government Mortgage Refinance Plan Benefit You?One of the major problems that people are facing today is the problem of foreclosure. Due to the high number of defaulters in mortgages many people are facing foreclosure.
You can apply for Home Affordable Modification Program or refinancing mortgage loans, if you can fulfill the following criteria: • You have or are at the risk of defaulting. • Your loan started off on or before January 1, 2009. • The outstanding principal is not more than $729,750, • The outstanding sum is not more than 125% of the value of the home. • You should be able to prove your hardship due to which you could not avoid defaulting. Click Here for Free Counseling on Government Mortgage Refinance Plan >> http://www.refinanceitt.com/ With this plan the payments can be lowered up to 50%. The idea is to bring the payments fewer than 38% of the total monthly earnings of the debtor. This is achieved by lowering interest rate, reducing the principal or increasing the loan period. Nonetheless, the rate of interest cannot be reduced fewer than 2%. Lenders are motivated with the help of incentives. Every mortgage refinances application that is accepted the lender gets a fee of $1000. If the borrower is paying regular payments then the lender would get $1000 each year for the former three years. There are incentives for borrowers too. If a borrower is regular with the payments then he is entitled would to $1000 reduction in principal amount each year for the initial five years. Make sure you know who and where you are talking to. Do not fall prey to any scams. There is no need to pay for any counseling. Also stay away from people who want to charge government mortgage reduction program's fee. Thus be very careful while getting the mortgage refinance. # # # At RITT we are committed to helping you, our valued customer find solutions for managing your debt effectively during these interesting economic times. Visit http://www.refinanceitt.com refinance your mortgage, auto refinancing and loan modification. End
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