Federal Loan Modifications Are Helping Homeowners With More Affordable Payments.
Florida - New Loan modification programs are helping struggling borrowers save their homes from foreclosure. As a new wave of adjustable rate mortgages (ARMs) start to reset, banks and other institutions are scrambling to put into place new modification programs.
These programs are designed to reduce mortgage payments, lower and fix the current interest rate and bring any arrears back to current. A national website www.usmortgagerelief.org has been set up to help qualify homeowners and determine eligibility for these new mortgage payment reductions programs. There are several new programs available. Qualification is completely free.
The main purpose of these new loan modifications options are to help homeowners avoid foreclosure and keep their home. Many homeowners have reported a decline of 40% or more in their monthly mortgage payment upon completion of the modification. Additionally, borrowers who were previously behind with payments and facing foreclosure were brought back to a current status, essentially giving them a second chance. The combined effect of these two things has been dramatic.
The lenders themselves are also benefiting because it helps stabilizes their mortgage portfolios. The proposition of a delinquent borrower and foreclosure from the Bank’s standpoint is expensive and something they are looking to avoid as well.
For additional information about this and other loan modification programs visit www.usmortgagerelief.org or call 888-563-6060
- Contact Information
- Pete Parente
- Marketing Director
- US Mortgage Relief
- Contact via E-mail
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