What If You Do Not Qualify For A Loan Modification San Diego Home Affordable Program?
What if I Don’t Qualify for a Making Home Affordable Refinance or loan modification San Diego homeowners program?
Making Home Affordable refinance and modification options are designed to allow homeowners to keep their homes by making their mortgage loan payments affordable.
The plan will not help homeowners who owe more than what their home is worth, upside down, even If a homeowner has income to meet their monthly mortgage obligation.
It will not help borrowers who have no income and cannot make their mortgage payment. So if you recently lost your job and are receiving no income you would have to seek another method of loan modification from your lender.
For those individuals that do not qualify under the Home Affordable refinance or loan modification San Diego homeowners program. Your loan servicer may have other loan options that are available to you.
Some of these options that may be available may include:
Repayment Plans: If you have missed some of your payments, your loan servicer may have the option to help you catch up by creating a schedule for repaying the past-due amounts.
Forbearance: The “forbearance” agreement means that you pay only a portion of your regular payment or no payment at all for a specific period of time based on your current financial status. At
the end of the forbearance period, you start making regular payments as well as an additional amount to pay off the past-due amount.
Special mortgage relief assistance for active duty military service members.
You may be required to sell your home and move to more affordable home. The Homeowner Affordability and Stability Plan includes funding for mortgage servicers to help you make this transition.
