Attorney Help For Your Fha Loan Modification Requirements

The official HAMP website shows the FHA Home Loan Modification Program for lenders to confirm whether homeowners are eligible to apply for this program. The guidelines have requirements to include a requirement that the borrower has financial hardship to pay his first mortgage made on or before January 2009. 

The guidelines require that the home must be the primary residence; the loan must not be more than $729,750, and with a debt to income ratio figure required. The fha loan modification requirements is for those homeowners with a monthly mortgage payment including taxes, insurance, and home owner’s association dues greater than 31% of their monthly income before paying tax. 

The fha home loan modification can be for you if you meet these criteria listed above. You can become qualified to apply for help of the home affordable modification program – HAMP. Your existing mortgage lender cannot proceed with a foreclosure sale on the eligible borrower. The borrower must be first evaluated for HAMP qualifying points and at least a trial modification must be made. The HAMP rule also prevents lenders from foreclosure sales while the loan is considered for a HAMP modification – this rule can be used by homeowners trying foreclosure. 

Many times the lender has already declared foreclosure before the homeowners can apply for a HAMP. Under such a situation the homeowners must inform the lender of his intention to qualify for HAMP program. Foreclosure on any property is not permitted when being considered for modification during the trial period. Home loan modification attorneys give you a much better chance of meeting the fha loan modification qualifications.  You will get the best loan terms possible negotiated within the law. Your previous mortgage is studied in depth. New violations of law are identified and used as leverage to get you affordable monthly payments. For further information on this software details please visit the website www.obama-loanmodifications.com.

Don’t Miss the Benefits of the Obama Mortgage Relief Plan

 To the many homeowners the Obama Mortgage Relief Plan is an extension of the hope for homeowners program which is termed as the Making Home Affordable program. It has a few variants which homeowners with specific criteria can take advantage of. Primarily making home affordable plan is targeted to stabilize the economy by arresting the decline in home values and give homeowners a chance to save money in their budgets by reducing their mortgage payments. The mortgage relief options plan aims to provide help to distressed homeowners who have been turned down for assistance from most places dealing in home loans.



The Obama Mortgage Relief Refinancing Plan will now be able to help more distressed homeowners to stop foreclosure proceedings on their homes. It provides much needed help to homeowners in order to make their mortgages affordable and prevent foreclosure and the subsequent effects on family and community life. Homeowners who can get their home loans modified or refinanced can look forward to a mortgage payment which is no more than 31% of their pretax income. The lenders are given the proper incentives to try everything in order to achieve this. The interest rates can be lowered to 2%. If nothing works, a part of the principal balances can be put on forbearance or waived off as a last step to save underwater homes from being abandoned. The second lien mortgage amount can be waived off for financially hard-up families.

The newly enhanced relief plan will help borrowers who are trapped in the economic downturn. People who are turned down everywhere for refinance because their homes lost value, pushing their current loan to value ratios above 80% can refinance under the Obama housing plan. Under the HAMP and HARP programs, homeowners can refinance into lower mortgage rates or an adjustable-rate stable mortgage, such as a 30-year fixed rate loan. Visit http://www.obama-loanmodifications.com/ To Know More.

Benefit On Your Home Loan With A 2nd Mortgage Loan

The homeowners with 2nd mortgage loan can benefit from lower payments on their second mortgage on the same house. The lenders through the Obama program can help homeowners, mortgage servicers and investors to modify a second lien. The first home loan modification should become successful through the HAMP program. Then the homeowners can take those details to the second mortgage lender.

Attorneys can help you with 2nd mortgage online to give you a much better chance of getting the best deal. The second mortgage interest rates are usually higher than the first mortgage rates. This is because the amount borrowed is not very high. The lender expects borrowers to pay back the amount in the shortest time possible. That is any time after about a year of the loan. The 2nd mortgage refinance has a varied term of 1 - 30 years. This is only for the convenience of homeowners. Homeowners are expected to pay off the second mortgage in a year as the amount borrowed is not very high. It is usually used as money down for the first mortgage.

The second mortgage loan has a second place and even though the money is used as money down it is not listed along with the primary mortgage on the home collateral. So, in case of a bankruptcy, the first mortgage lender has the first right to demand the entire mortgage payment. Due to this fact the risk of the second mortgage is high and the interest rate charged is also very high. A refinance second home mortgage is a much lower amount loan against the same property and can even be claimed by the lender through a foreclosure. Homeowners are trying to individually tailor their mortgage to satisfy their needs. The main thing they want very badly is an affordable payment. Visit http://www.obama-loanmodifications.com to know more.

Apply Today For No Documentation Mortgage Refinance Loan

According to the new plan guidelines, President Obama announced that the Federal Housing Administration has cut upfront fees for No Doc Mortgage Refinance Loan. This is applicable to borrowers with FHA loans issued before June 1, 2009. Borrowers can benefit from the savings in order to reduce mortgage payments. You can reduce your mortgage payment by as much as a thousand dollars a year. The Obama government counts that reducing mortgage payments will free up borrower’s money that can be spent on other consumer goods.

In order to know if you are eligible for the No documentation mortgage refinance loan see if you meet the requirements. The home you live in is not owned or guaranteed by Fannie Mae, Freddie Mac, FHA, VA or USDA. Your mortgage is more than your home is currently worth in the downturned economy. There is no difficulty paying mortgage payments. It is your primary residence. You pass eligibility under standard FHA loan requirements. Your debt payments are not more than 55 percent of your gross income. You do not have any conviction under the law.

Since the participation of mortgage servicers is voluntary in the Obama fha refinance program you can first ask your mortgage servicer if they can help you with the no doc refinance. One of the trusted ways is to speak to counselors to understand your options, plan and prepare your application. Homeowners working with housing experts are more successful and have better permanent home loans.

Income verification is also not required as well as your credit score is not verified with the new no income verification mortgage. The lowering of the refinancing fees is meant to directly affect the housing and the economy. It will cut back on the percentage of foreclosures. Consumers can now have free more income to spend on other things. The new guidelines do not require employment verification.

Get Your Second Mortgage Loan Modification From Experienced Lawyers

The new changes to the government home affordable modification program for a principal reduction benefit allows the mortgage amount to be divided into two portions – the principal amount and PRA forbearance amount. Get a second mortgage loan modification and the lowered principal amount will guarantee a monthly mortgage payment of 31% of the pretax income. So the homeowners are expected to continue making regular payments in order to benefit and become free of paying the forbearance amount. Visit http://www.obama-loanmodifications.com/ for further information.

If you have successfully reduced at least 10% on your primary mortgage you can also get your 2nd lien modification program done. Many Americans see their second home loan as a way to arrange for money down when they buy their home. The second mortgage is of small amounts as compared to the primary home mortgage amount. It can have a loan term of from 1-30 years. Since it is for smaller amount and has higher interest than the primary mortgage; lenders expect homeowners to pay it sooner.

The second lien modification program 2mp on your mortgage is a subordinate loan to your first mortgage, in case of foreclosure the second lender usually gets paid after the first mortgage is dealt with. The second mortgage lender should be informed and details of the first mortgage loan modification through the HAMP program should be disclosed. The second lien can then be applied forbearance or waived off totally if the second mortgage servicer agrees.

Extremely distressed homeowners whose mortgages are not owned or guaranteed by Fannie Mae or Freddie Mac can also now prevent 2nd lien foreclosure under the HAMP home loan modification program. The Obama administration has given a lot of incentives to the mortgage lien holder, to the homeowner and also to the servicer in order to stop foreclosures and stabilize the home and real estate market.

Get The Government Mortgage Reduction Program For Your Home

The principal loan reduction program includes all types of mortgages and especially those mortgages not owned or guaranteed by Fannie Mae or Freddie Mac. The Obama government in a new step has arranged to extend much needed help to United States homeowner’s families and to take the benefit of HAMP.  The Obama administration has made arrangements to pay incentives to the mortgage lien holder, to the homeowner and also to the mortgage service.


The eligibility requirement for reducing the principal under the government mortgage reduction program is that you must have an underwater home mortgage. Also your mortgage need not be owned Fannie Mae or Freddie Mac. There are many other guidelines which you are required to meet in order to qualify for the principal reduction program. One of them is that you must not have a record of any illegal convictions regarding mortgage or real estate transactions in the past.

Homeowners can now hope to lower their monthly mortgage payments with the Obama mortgage interest reduction program or the government loan modification plan. To achieve financial aid the lender must take a sequence of steps to first reduce interest rates to as low as 2%, then loan modification in term extension or forbearance. If such steps do not help the lender and borrower reach a monthly payment of 31% gross monthly income, then a PRA principal reduction can be applied.

In the principal reduction loan modification, the amount that is the reduced principal amount will be divided into a principal amount and PRA Forbearance amount. The homeowners are required to continue making payments along with interest on the new lowered principal amount. When the homeowners successfully make regular payments for three years, they can be free from having to pay the forbearance amount. You can hire a loan modification attorney to negotiate for the principal balance reduction with your mortgage servicer.

Take Professional Help With Obama Refinance Mortgage Plan

The government mortgage refinance programs changes to HARP makes it available to more people. All or any homeowners with underwater homes do not automatically qualify for a refinance under HARP 2.0. Your loan must be held by either Fannie Mae or Freddie Mac, before June 1, 2009. You must be current on your mortgage payments for the past six months with only one late payment for 12 months.

The obama mortgage assistance program is not just any mortgage modification program. It is refinancing your mortgage with a lower rate to reduce your payment. But you can modify a home loan with any lender or mortgage company to satisfy your needs of saving your home and alleviating your money troubles.

The changes in the rate, term and monthly payment of the obama refinance mortgage plan help the borrower to pay no more than 31% of their gross income. What Obama’s plans do is to standardize the guidelines for mortgage lenders across the country. Hence the mortgage lender industry as a whole is now implementing these guidelines so that more homeowners can have affordable payments and get some relief in their financial hardship.

Start with noting down your monthly budget. Lenders ask all kinds of information for the stimulus mortgage refinance and you must be prepared. You must have as steady income so you can cover monthly expenses and make the new lowered payment. Every detail like car fuel, groceries, utilities, credit cards, cell phone, car insurance, etc. will be accounted for to check you have enough money to pay your new mortgage. You too can benefit from savings due to no appraisal fees. As before harp 2 is for homeowners backed by Fannie Mae and Freddie mac. So if you are still looking forward to lower interest rates and lower mortgage payment, there is no time to lose.