Are you a homeowner looking for sample mortgage modification letters to base your own hardship letter off of? Trust me, you're not alone. It seems like there are things you should and shouldn't do on your modification letter and if you mess up with even one part, you're whole application is out the window. I've created a sample Obama Mortgage Help letter for you to look at and see how it's done. You can't risk not having your loan modification application approved just because of a letter.
There are two programs that Obama Mortgage Helphomeowners could qualify for. One of which is Home Affordable Refinance Program (HARP). In order to qualify for this one your, credit score will have to meet the requirements of Freddie Mac or Fannie Mae. Don't lose hope. This program also includes a plan for the underdog! HAMP, which stands for Home Affordability Modification Program, was designed to assist homeowners that are facing foreclosure. Let's face it, if you're at that stage, a free credit report is the least of your worries.
The lender that you're affiliated with will have a loss mitigation department where you can ask questions and request paperwork or find out where to get it even sooner. Once you have requested the information that your lender requires, fill out the forms and send it in via fax, snail mail, or email-however they want it.
Stay on top of the status of your application. Persistence with representatives is key. You will draw flies with sugar not vinegar, right? Find out what your lender requires for you to take part in the program. Do you have to remain a payment behind to be eligible? The more questions that you ask, the faster your results.
(Propose the interest rates you are looking for.) We are requesting a locked and decreased rate in our interest. The rate we have come up with that would be manageable is 7.25%. It is lower than our old rate, but we had enough trouble paying at 7.85% and were even late on a few occasions in the past year. 7.25% is well-within our budget and we feel it is a reasonable rate for both parties.
Your goal should be to achieve an affordable payment with your mortgage modification program. Anyone assisting you with the process has the goal to keep your payments lower and your family away from the whole foreclosure process.
There are two programs that Obama Mortgage Helphomeowners could qualify for. One of which is Home Affordable Refinance Program (HARP). In order to qualify for this one your, credit score will have to meet the requirements of Freddie Mac or Fannie Mae. Don't lose hope. This program also includes a plan for the underdog! HAMP, which stands for Home Affordability Modification Program, was designed to assist homeowners that are facing foreclosure. Let's face it, if you're at that stage, a free credit report is the least of your worries.
The lender that you're affiliated with will have a loss mitigation department where you can ask questions and request paperwork or find out where to get it even sooner. Once you have requested the information that your lender requires, fill out the forms and send it in via fax, snail mail, or email-however they want it.
Stay on top of the status of your application. Persistence with representatives is key. You will draw flies with sugar not vinegar, right? Find out what your lender requires for you to take part in the program. Do you have to remain a payment behind to be eligible? The more questions that you ask, the faster your results.
(Propose the interest rates you are looking for.) We are requesting a locked and decreased rate in our interest. The rate we have come up with that would be manageable is 7.25%. It is lower than our old rate, but we had enough trouble paying at 7.85% and were even late on a few occasions in the past year. 7.25% is well-within our budget and we feel it is a reasonable rate for both parties.
Your goal should be to achieve an affordable payment with your mortgage modification program. Anyone assisting you with the process has the goal to keep your payments lower and your family away from the whole foreclosure process.
