Government Plan to Help Avoid Foreclosure
If you are trying to avoid foreclosure, consider calling a real estate investor to see if you can sell your house quickly.
We Buy Virginia Houses for Cash – FairHouseBuyer.com: The federal government has a plan that has been implemented to help those facing foreclosure to avoid it if possible. Where you still have adequate income to live on, you may be eligible for a loan modification program. This means that your loan will be modified to reduce the monthly payments and get you to a payment you can more easily afford.
The trouble with so many of the loans that were issued by fly by night mortgage lenders a few years ago is that they were often given out without credit checks, documentation, or down payments. Many people that were adequately employed at that time were eligible for these loans and bought homes to live in instead of renting from someone else.
A good many of the loans that were issued were based on an ARM or adjustable rate mortgage. This means that although the percentage rate was very low at the time of the loan signing, the rate was not locked in at a specific amount of interest rate, so it could potentially go up or down as the market rates reset.
With interest rates so low already at that time, there really was nowhere to go with those rates except up. And up they went. Some interest rates were increased to a point that made homeowners mortgage payments go up by hundreds of dollars per month. This is what has played a very big part in the foreclosure boom that has occurred over the last few years. It is predicted to happen again, in fact, as the rates are once again due to reset over the next year or so.
“With interest rates so low already at that time,
there really was nowhere to go with those rates except up.”
The government HAMP program is a way for those that found themselves in that situation to have their loans rewritten to eliminate the ARM portion of the loan and replace that with a reasonable amount of interest that is fixed rate. The new mortgage payment will be the same throughout the life of the remaining loan.
The qualifying can be quite tricky here and if you apply you may not know whether you’ll qualify until you are near foreclosure deadline. If you are in this situation you may want to consider calling a real estate investor to see if you can sell your house quickly before it comes down to foreclosure. Investors can usually complete a home sale within a week, getting you relief from your stressful mortgage obligation.
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