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How to take advantage of the making home affordable plan
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Posted On :
Nov-03-2010
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Article Word Count :
417
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Many Americans these days are currently facing the tough reality that they are unable to continue to pay for their home. I see this first hand every day. By working in the banking industry, I am well aware of the current housing crisis and the credit crunch that so many are facing. Many customers are currently falling behind on their payments and it's starting to show.
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Right now as of this writing, the U.S. economy is currently turned upside down. Unemployment only continues to grow, the cost of living continues to increase, and people are losing their homes to foreclosure each day. Individuals and families are really starting to feel the heavy weight of debt. That sinking the feeling leads many to give up without exhausting their mortgage refinancing options. As a mortgage lender and loan modification specialist, I see the desperation. People obviously want to be able to keep their homes, but they do not know what their rights are and they are not aware of the many different programs and options available to them. Loan modification through Obama's stimulus plan is an option. It is not a mortgage refinancing and it is not foreclosure. It is simply a way for you to save your home and finances.
When you as the borrower are currently unable to make payments on time under the existing terms of your loan, you may consider modify your mortgage as a means of easing your financial burden. A loan modification is a process involving negotiation with your financial mortgage lender. These negotiations may result in your financial lender agreeing to modify your mortgage terms. Your mortgage could be modified, for instance, by an extension of the term length of your loan, a change to the payment amounts you make, or even a change in your interest rate. These modifications or changes to your loan terms done by your mortgage lender are permanent and can actually go a long way towards making your mortgage payments a lot more manageable.
If as the borrower, you are currently capable of making your mortgage payments in a timely manner, but you just cannot catch up on the past-due amounts that you owe, you can modify your mortgage loan and it may be negotiated so that your past-due amounts can instead be folded into your loan balance and repaid over a new period of time. This is where the making home affordable plan really shines.
On the other hand, if you are currently unable to make your mortgage payments at the current terms that you have with your mortgage lender, your loan terms can instead be negotiated to lengthen the duration of the loan for a longer period of time. Lengthening the loan in this manner will modify your mortgage to an easier to manage amount so that it is more affordable for you to handle.
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Article Source :
http://www.articleseen.com/Article_How to take advantage of the making home affordable plan_40307.aspx
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Author Resource :
From this site You will learn how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them. Learn the right way to refinance or modify your home loan at my site: http://www.refinanceitt.com
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Keywords :
mortgage refinancing, Obama stimulus plan, making home affordable plan, mortgage lender, modify your mortgage,
Category :
Finance
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Mortgage
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