Hope for Homeowners Program -- Do You Qualify

Author: Gen Wright

With the financial issues continue to be in disarray, many homeowners are in danger of non-payment of their house payments and having the house in foreclosure. Knowing the seriousness of the condition, The legislatures have initiated a new foreclosure prevention plan named the Hope for Homeowners program or H4H Program.

The arrangement is designed to help borrowers whom have problems paying their monthly mortgage payments, to work out foreclosure prevention plan, so that the borrowers can keep their home. The program is a foreclosure refinance and the program is said to be effective from 1st of October, 2008 to September 30, 2011. More than 400,000 homeowners will benefit from Hope for Homeowners H4H.

There are 4 ways a mortgagor can find access to the Hope for Homeowners program.

* The borrower may call with the servicer to find what are the eligibility requirements.

* People that are involved in real estate such as loan modification professionals may supply the necessary information mandatory for winning in the Hope for Homeowners program.

* Some lenders may take a more vigorous move and get in touch with their own mortgagors to offer details about the H4H program. Lenders proactively do so because they seek more business. But the major purpose is still to work out a win-win agreement with the borrower.

* Borrowers who are already in default may already be undergoing fiscal analysis. Counselors may offer these homeowners more information about the Hope for Homeowners program.

Consult with the services of a qualified service provider is highly recommended because of the priceless suggestions that they are able to make available.

For instance, anyone can just make a fast search on the net for eligibility requirements. Some eligibility requirements include not being able to pay the current loan, not owning an investment property, not been convicted of fraud in the last ten years, and more.


Contact us at 877-968-5337

Article Source: http://www.articlesbase.com/credit-articles/hope-for-homeowners-program-do-you-qualify-639028.html

Deed in Lieu of Foreclosure: Will it Do?

Author: Tom Brady


Is your property on the brink of a foreclosure? Well, you're not alone. In fact, the number of properties due to be foreclosed on in the state of Massachusetts is increasing at an extremely high rate. However, this doesn't mean that Massachusetts homeowners are in a hopeless situation. Though in financial hardship, homeowners still have a chance to stop foreclosure. There are options available to avoid foreclosure of your property and all the consequences that the foreclosure process brings.

One option is a 'deed in lieu of foreclosure.' Simply, a deed in lieu of foreclosure is giving back the property to the lender if the borrower is no longer capable of paying for the remaining balance of the loan. Both the lender and the borrower then enter into an agreement that the remaining balance of the defaulted loan is forgiven. The borrower is now free of any obligation to pay the entire loan.

Pretty simple isn't it? Or is it that simple?

First, a deed in lieu of foreclosure could only be possible upon the lender's consent. Convincing a lender to sign a deed in lieu of foreclosure may be extremely difficult. What lenders want is cash. Not another property to be sold. This is especially true if they already have in their possession a number of foreclosed properties or properties with a lien.

This difficult situation becomes impossible if you owe more than the value of the property. A lender doesn’t want to possess a losing piece of real estate. Instead, they’ll advise default homeowners to put the property on the market for a few months just in case it can be disposed of through a short sale. While this is another option of foreclosure prevention, a short sale has its own pitfalls. Either way, you will lose your home. It's just choosing the lesser evil.

To avoid this dilemma, homeowners resort to a much wiser alternative. This alternative is called loan modification. The greatest advantage to executing a loan modification is that you are given a choice to keep your home. This is done through a negotiation with your lender to adjust the terms of your existing mortgage. Through loan modification, the payment for the current month and the succeeding few months there-after could be suspended. The paying period can then be extended thereby reducing the monthly amortization. Depending on the newly agreed terms, the interest rate or even the principal amount could be reduced to a level you may not even expect.

The best way to do this is by seeking expert loan modification assistance. One company that has been assisting Massachusetts homeowners in stopping the foreclosure process is LIG Loan Modification Services. These experts can help you prepare and negotiate with the lender on your behalf. They can use different tactics, such as appealing for a humanitarian consideration due to your current financial situation. They may also challenge the lender's pricing and interest rates and computations charged against your property. Third party representation is the best option since they cannot be targeted by collecting officers.

Remember that it is always better to keep you from leaving your home. It is always wise to have an option that would dispel any financial worries while enjoying your life in your dream home. With loan modification, you keep your house and your credit record is not affected from the modification.

©2008 Tom Brady Reprint rights available for free


Article Source: http://www.articlesbase.com/mortgage-articles/deed-in-lieu-of-foreclosure-will-it-do-636759.html

About the Author:
Tom Brady is a Loss Mitigation Specialist for LIG Loan Modification Services , a loss mitigation company that offers loss mitigation services such as loan modification, short refinance, forbearance, short sale, and deed in lieu of foreclosure. To see how your loan can be modified, visit http://www.LIGloanmods.com or call 1(888)220-9787.