Mortgage Modification

If the barrage of news reports about mortgage modification, stimulus packages, government bail-out plans and the like has left you wondering if you are able to take advantage of one of these mortgage modification opportunities, the answer is yes. Maybe.

Seeking mortgage modification is not for the fainthearted. It requires researching the various programs available, having a good understanding of your current financial situation, and the willingness to plunge forward until you get the answers you are looking for. Finding help can be a daunting task but well worth your time and energy if you are able to stay in your home and afford to remain current on your mortgage.

There are many options available to homeowners who are overwhelmed with mortgage debt. Mortgage modifications are one of the most sought after solutions to our housing market crisis and oddly enough, they are also the most denied by lenders.

In a nutshell, mortgage modification is a permanent change in one or more of the terms of your current loan. Mortgage terms refer to things like your annual percentage rate, the length of the loan, if you have a fixed or adjustable rate, etc. With a change in one or more of these terms, your monthly mortgage payment could be reduced to a more manageable payment so you can remain in your home.

Contact your current lien holder to see what options they may offer. Some of the current Home Loan Modification options offered under the MHA government plan are (taken from www.makinghomeaffordable.gov):

• Home Affordable Modification Program SM (HAMPSM) • Principal Reduction Alternative SM (PRA) • Second Lien Modification Program (2MP) • FHA Home Affordable Modification Program (FHA-HAMP) • USDA’s Special Loan Servicing • Veteran’s Affairs Home Affordable Modification (VA-HAMP) • Home Affordable Foreclosure Alternatives Program (HAFA) • Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP) • Home Affordable Refinance Program (HARP) • FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance) • Home Affordable Unemployment Program (UP) • Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF

Mortgage Modification in Your Area: Alabama California Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Montana Nebraska New Hampshire New Jersey New Mexico New York North Carolina North Dakota Oklahoma Oregon Pennsylvania Rhode Island South Carolina Texas Utah Virginia West Virginia

• Alabama
• California
• Connecticut
• Delaware
• Florida
• Georgia
• Hawaii
• Idaho
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Louisiana
• Maine
• Maryland
• Massachusetts
• Michigan
• Minnesota
• Mississippi
• Montana
• Nebraska
• New Hampshire
• New Jersey
• New Mexico
• New York
• North Carolina
• North Dakota
• Oklahoma
• Oregon
• Pennsylvania
• Rhode Island
• South Carolina
• Texas
• Utah
• Virginia
• West Virginia