How Do Loan Modification San Diego Homeowners Qualify Under The Home Affordable Modification Program
Now the new loan modification San Diego program has been released, and you may have questions about?
How Do I qualify for a Home Affordable Modification? Can you answer these questions:
Is your home your primary residence?
Did you get your current mortgage before January 1, 2009?
Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have Is the amount you owe on your first mortgage equal to or less than $729,750?
you suffered a hardship that has increased your expenses (like medical bills)?
The U.S. Treasury Home Affordable Modification
Your most recent income tax return.
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
Information about your assets
Information about any second mortgage on the house.
Account balances and monthly payments on all your other debts such as student loans and car loans.
Account balances and minimum monthly payments due on all of your credit cards.
A letter describing the circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.).
If, you have meet the above criteria you are eligible for a loan modification San Diego Affordable Modification program on your loan. One word of caution. The lenders are not mandated to provide a loan modification, and if this is the case you may want to seek some assitance with this process from a qualified third party. This new program does come with incentives to the lender to modify your loan, and if so they have to follow the program to the letter to receive the government incentives.
If, you would like to know if your loan is owned by Fannie Mae you can make a request at the following link to Fannie Mae do you own my loan?
Foe some update information on this program and avoiding foreclosure can be found at Freddie Mac’s website.
