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United Realty Group
12323 SW 55th Street
Suite 1002
Cooper City FL 33330
(305) 244-0609
Buy, Sell, Rent Luxurious homes in
South Florida!
Patty DaSilva, a full time, full service REALTOR you can trust.
Licensed REALTOR®
& Mortgage Broker
®
Hope for Homeowners Act / Loan Modification
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Loan terms that lenders are willing to modify, as a rule, include the following elements, which are designed largely to reduce the borrower's mortgage payment:
* Loan term -- Lenders will often add months or years to the term of a mortgage, to give an owner more time to make up for missed payments, or to lower the amount of monthly payments;
* Loan type -- Negatively amortizing loans and fully adjustable-rate mortgages (ARMs) can be converted into interest-only and/or fixed-rate loans;
* Interest rate -- It is very common for a lender to reduce the interest rate as part of a loan modification;
* Scheduled or past rate/payment adjustments -- The interest rate and payment on a loan that has adjusted or is set to adjust can be "fixed," either extending the fixed-rate period before adjustment or converting the loan into a fixed-rate mortgage for the remainder of the loan term.
hile HOPE for Homeowners act was created
W
with good intentions it is my opinion that it turned out to be a total failure. HOPE for Homeowners act was expected to help 400,000 struggling homeowners but after 2 months in place it only helped about 300 homeowners, leaving hundreds of thousands of distressed homeowners hopeless. It does not have be that way, Loan Modifications have worked well for homeowners in financial distress.
For More On A Loan Modification Contact Patty DaSilva, CDPE© Today At: (305) 244-0609 or Email Here
