zack childress real estate-Homeowners who are lagging behind on their loan payments just do not read their mails. They do so to evade past due notices. But, it would be a huge blunder. Having said that, if you are placed in such a situation you may get an intimation providing help from mortgage servicer.
There are plans like the Home Affordable Modification Program that come to the aid of homeowners in financial dire straits. The streamlined modification program that has come afresh is embraced with open arms by some.
The main aspect of the streamlined program (which is provided by Fannie Mae and Freddie Mac) is that documents are not demanded from borrowers, and not even a document explaining the difficulty. The scheme comes as an ultimate resort for those who have missed out on payments and do not have any other option. The delinquent individual could furnish a payment and avoid foreclosure.
The streamlined modification program, which started on 2013 was available until 2015. It has certain requirements including the mortgage that has become delinquent should be the first one. Also the loan must be there for a period of a minimum of 12 months.
The terms and conditions of the streamlined modification bears semblance to the preceding programs, with an offer of mitigated interest rates.
.The program assists the borrower to face the insurmountable problems that are given by the documentation process. Having said that, the mortgage relief seems to be a mirage to several homeowners since they can’t overcome the obstacles.
The streamlined program is apt for those who endeavored to be eligible for a previous loan modification, and could not become eligible. People are in the process of applying this loan for time being so that foreclosure can be avoided.
The streamlined modification is generally commenced by the lenders. It is better to go through everything that is got from the mortgage company especially when one is 90 days lagging on mortgage payments. It can be even more than 90 days. The specific borrowers can also contact lenders and find out whether their specific loan is suitable for a streamlined modification.
The nice element of this program is that the eligible borrowers must carry out three payments at the tenure of trial and thereafter the loan is modified for a period that may go up to 40 years. Also there is no necessity of paperwork and hence the struggling homeowner can get some relief.
A study has revealed that more than 40 percent of those who own homes who had been a part of the HAMP modifications during the year of 2009 have missed out on the payment of their loans. The problem with those who attempted at streamlined modification is whether they will consistently maintain their payments.
Zack Childress, who is the proprietor of the REI Success Academy, has held a number of seminars which enlighten you on the real estate scenario. You could listen to his seminars to get a fair idea about the best possible Streamlined Mortgage Modification programs.