| It is important for families to have a home, but if | | | | or lenders in the US are required to participate in |
| you’re too stressed out with the financial | | | | such a plan. The plan can significantly lower the |
| problems and you can no loner feel comfort? | | | | monthly mortgage to 38% of the gross income. |
| Foreclosure may be the only option. Still if you | | | | There is no need to worry on the part of the |
| can’t bear the thought of losing your home, | | | | lenders because the government will assume the |
| you can still apply for loan modification. | | | | rest of the amount. Through the plan, the rate of |
| Don’t rush the deal with the lender. This will | | | | interest can be lowered by 2% and the term of |
| only make more room for mistakes. When you | | | | payment can be extended to about 40 years. For |
| are already in the process of settling the | | | | every mortgage modification granted by the |
| agreement, it would really help if you meet with | | | | lender, it will be paid $1,000. Borrowers can also |
| the lender together with a professional or lawyer. | | | | enjoy a reduction of $1,000 on the principal |
| The agreement should be reasonable enough for | | | | balance for about 5 years, provided that they |
| both parties, which can stop foreclosure. | | | | make timely payments. |
| If you want, you can also inquire about the HASP | | | | This plan by the federal government is for |
| or the Homeowner Affordability and Stability Plan | | | | conscientious homeowners who don’t want |
| that is offered by the federal government. The | | | | to lose their homes but are simply affected by |
| administration allots billions of dollars for the HASP, | | | | financial problems. If you qualify and your balance |
| and if you can qualify, you can definitely stop | | | | doesn’t exceed $729,750, you might as well |
| foreclosure and save your home. This plan | | | | apply for the HASP. |
| focuses mainly on the mortgage payments and | | | | No more about the HASP and follow the right |
| not the property values. | | | | procedure. This is the best solution yet, and you |
| Even if the value of the home is declining, the | | | | owe it to President Obama. Take advantage of |
| family can still stay provided that they can pay | | | | the loan modification opportunity now. |
| the monthly mortgage payments. Loan servicers | | | | |