As the Obama california loan modification company programs are there to help homeowners with Note Adjustment either through Making Home Affordable or Home Affordable Mortgage Workout Program, there are things you as a homeowner need to know[spin].
First of all, the [spin]lenders are subsidized by our TARP money and encouraged to re-structure existing florida mortgage for homeowners. Many note holders are already partially owned by the government, for example the government owns 35% of Citibank to name one. So, it seems clear that the pressure is on the note holders systems to handle Mortgage Adjustment and turn our economy around as quickly as possible and with the support of government Note Workout programs.
Let’s be clear on the difference between a Note Workout and a refinance. A [spin]Mortgage Workout does not pay off your existing mortgage or look at credit to see if your credit is worthy or not. That means great credit or poor credit does not matter in the decision making of a Loan Adjustment. Many homeowners don’t realize that there are many benefits of a Note Renegotiation that they are otherwise not privy to if they did a refinance.
One of the first things to remember if you are starting to think about a Mortgage Modification is that you do not have to have equity in your home. If you have equity that is fine and if you don’t have equity that is fine to in qualifying for a Note Adjustment. In some cases, if you are significantly upside with your mortgage, a principal reduction may be necessary.
As with a refinance, you need two years of employment to qualify for a mortgage. This is not the case for a Note Modification. The length of employment is not a factor, or change in income, or gaps in employment. The only real factor is that you can prove your income to the servicers. The servicers also can use income of others that are living with you and these people do not have to be on title or on the loan. This is great news for someone needing a Note Modification and can use these other sources for qualify.
You also do not have to be in an adjustable interest rate mortgage to qualify for a Loan Workout or have an extremely high interest rate. There are several programs like Making Home Affordable or Home Affordable Loan Renegotiation Program that you may qualify under plus others. The quickest and easiest way to find out if you qualify for a Mortgage Modification, is to contact a professional that will qualify you for free. It is basically your time to collect paperwork and also fill out paperwork.
It is similar to a CPA doing your taxes, which is hiring a Note Adjustment Attorney to pre qualify you for a Mortgage Workout for free and offer 100% money back guarantee. The better Loan Workout Attorneys offer this service.