Lilly Garcia Realtors
8308 Precinct Line Rd
Colleyville, TX 76034
ph: 8552000723
lilliann
A Loan Modification is a permanent change in one or more of the terms of a Borrower's loan, allows the loan to be reinstated, and results in a payment the Borrower can afford.
Anyone with high combined mortgage debt compared to income or who is “underwater” (with a combined mortgage balance higher than the current market value of his house) may be eligible for a loan modification. This initiative will also include borrowers who show other indications of being at risk of default. Eligibility for the program will sunset at the end of three years
This program applies to borrowers who are unable to make — or are struggling to make — mortgage payments that exceed 38% of their monthly income. If the lender agrees to lower the interest rate or reduce the principal amount to bring the payment to 38% of the borrower’s income, the government will pay half of the additional cost to the lender to reduce the payment to 31% of the borrower’s income.”
Speculators — or those who bought homes for investment purposes are not eligible for this program. All homes must be owner/occupied. Also, mortgages with amounts above the conforming loan limits are not eligible.
TIPS: DO NOT attempt to combine programs. It could delay the process and hinder communication! Keep detailed records of every conversation. If you are represented by an agent, always consult with your agent before signing any document or engaging in conversation with another professional.
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Lilly Garcia Realtors
8308 Precinct Line Rd
Colleyville, TX 76034
ph: 8552000723
lilliann