Lower Your Interest Rate Without Refinancing
The Obama administration announced the Home Affordable Modification Program on March 4 2009, officially allowing up to 9 million homeowners to reduce their mortgage payments by modifying their loans. A Loan Modification is a process of modifying your current mortgage to give you a lower interest rate. This allows you to receive a lower monthly payment, without having to refinance.
The Treasury Department has allocated $75 billion in incentives to the lending community to in exchange for modifying loans within their portfolio. This includes upfront incentive fees in addition to contributing funds towards the reduction of the borrower’s monthly payments.
Am I eligible for a Home Affordable Modification?
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
4. Did you get your current mortgage before January 1, 2009?
Your payment history is not a factor in qualifying you for this program. You may be delinquent or current.
If you answered yes to these questions, complete the form below to register for Loan Modification Help.
Where can I learn more?
The following documents were recently released by the Department of Treasury.
Home Affordable Modification Program Outline Mar 4, 2009.
Home Affordable Modification Guidelines Mar 4, 2009.
How it works.
1. Determine your eligibility by using the resources located on this site.
2. Complete the form on this page for a free Loan Modification Consultation
3. You’ll be contacted by a Loan Modification Provider who will answer your questions and submit the necessary documentation to get your loan modification approved with your lender.
Start by filling out the form on this page to register for your free Loan Modification Consultation.
“We’ll make up the gap between the old and new payments”
“If lenders and homebuyers work together, and the lender agrees to offer rates that the borrower can afford, we’ll make up part of the gap between what the old payments were and what the new payments will be. And under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower’s income. ”
- Barack Obama, Feb 18, 2009