Real Estate Pro Articles

How to Avail of the Federal Foreclosed Homes Prevention Plan

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
The Obama Administration has added another weapon on its arsenal of programs and strategies to help millions of distressed homeowners save their properties from becoming foreclosed homes.

The “Making Home Affordable” foreclosed homes relief plan is aimed at helping distressed homeowners reduce their monthly payments to allow them to stay current on their mortgages.

Here are some points that housing experts believes distressed homeowners should consider before applying for a foreclosed homes prevention plan:

  • Be patient. Always bear in mind that you are not the only distressed homeowner who want to save your property from becoming foreclosed homes. It is expected that mortgage lenders and servicers will be inundated with questions about the mortgage relief plan.

    Do not expect mortgage lenders, real estate and finance experts to know every infinitesimal detail of the plan as it will take some time for lenders to sign agreements to participate in the federal government’s foreclosed homes prevention plan.

  • Be persistent. Continue making that calls to your mortgage lender to inquire on the status of your loan modification application. Director of Long Island Housing Partnership’s education and counseling Lyn Law pointed out that distressed homeowners should not assume that a mortgage lender received their documents. Call to confirm. She adds that availing of loan modifications can be stressful but remaining patient and polite may score some points on busy servicers.

  • Be aware of your financial status. Before meeting with your mortgage servicer, know first how much debt you owe, your monthly budget and mortgage payment. According to Americana Mortgage Group President Bob Moulton, most distressed homeowners who are not knowledgeable about their finances often make uninformed decisions that they would regret later.

  • Prepare Financial Documents. Ask for a list of financial documents that you would need to apply for a loan refinancing or modification under the foreclosed homes prevention plan.

  • Write your hardship letter. The letter, which will be a part of your documents that you will submit to avail of a loan refinancing or modification, allows you to explain why you need to modify the terms of your loans to make them affordable and save your property from being added to the growing list of foreclosed homes.

The U.S. government is cautioning distressed homeowners to avoid fee-based mortgage or financial counselors who may take advantage of their desperation to save their properties from foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles