Struggling homeowners in American are now able to receive help with keeping their homes by choosing between refinancing or lowering their monthly mortgage payments through a loan modification. Known as the Home Affordable Plan, it is available to qualified applicants. Here are the facts on the plan:
* Under the Home Affordable Modification Plan, homeowners facing financial hardship are able to obtain a lower interest rate despite plummeted property values or bad credit. In turn, lenders receive incentive payments for the modified loans. You can be looking at a 2% reduction to your existing rate, a loan term extension to 40 years, and principal deferral. This is especially important to those homeowners whose property values have suffered and who cannot otherwise sell or refinance.
* Have you been unable to refinance? The new plan offers qualified homeowners with a new loan at the current market rates. With Fannie Mae or Freddy Mac, they require your mortgage be at least 105% of the current value, and that you have not been more than 60 days late in your payments the past 12 months.
* Did you know the Hope for Homeowners refinance plan can now help more homeowners? So far, this FHA insured plan has completed only 70 loans, so there are now new guidelines to allow more homeowners to qualify. Your lender will be provided an incentive payment by the government by creating a refinanced loan at the existing market rates.
You can find more information about the various plans by visiting the site http://www.makinghomeaffordable.gov. To apply for any of the modification programs, you must first complete an application and submit a financial statement. The best thing you can do to improve your chances of being approved for any of the plans is to be prepared and have all your documents ready for review. You only have one opportunity to apply, so use this chance wisely!
Choosing Between Loan Modification Vs. Refinancing
53 comments:
Very good article Thank you man Very Much.
i personally prefer refinancing , ur post was helpful to me in knowing facts,
thx for the post
Mortgage rates may never get as low as they have been this year. It's a great time to buy or refinance
in the times of recession by following these tips it helps people to save money by knowing the difference between those two.
I like refinancing because the options are more as compare to loan modification.
the difference between loan mortgages and refinancing are given in this article , thanks for the information.
I'd rather choose Loan Modification, because it's quite cheaper and practical compared to Refinancing. Thanks!
I just found out that there are some certain differences between refinancing and loan modification.Well.. I guess refinancing will bring more benefit.
Home Affordable Modification Plan seems very much helpful for those whose property values have suffered and who cannot otherwise sell or refinance.On the other hand Homeowners refinance plan shows the way to lenders by making them paid by government itself.. Sounds really great..
nice post about to Refinancing and lone modification its very helpfull !!
that was a nice distinction of lone modification and refinancing and from my opinion looking on to the current situation refinancing would be optimal solution
really i have never read this before
thax alot for information and ur style in writing
This is really a informative post.I think refinancing is good have better option than loan modification.
Thanks for the post brother
This article is great and it has many ideas
i think that here is a difficult coice to be made. both plan offer great advantages and disadvanteges. so pepole should choose their plan very carfuly based on their financial situations
cheers
Due to the recent economy dip, many homeowners have trouble making mortgage payments.In the past, the only option would be refinancing. While refinancing a loan can get you a lower interest rate, it only works for those with good credit.So the loan modification allows homeowners to modify their current loan even if they have missed some payments.Banks are encouraged to modify home loans with federal incentive programs.that's the difference and make loan modification more preferable.thanks for detail info.
The information has been very carefully presented . I really want to thank you for this article as it guides very rightly about choosing a plan.
Due to the recent economy dip, many homeowners have trouble making mortgage payments.In the past, the only option would be refinancing. While refinancing a loan can get you a lower interest rate, it only works for those with good credit.So the loan modification allows homeowners to modify their current loan even if they have missed some payments.Banks are encouraged to modify home loans with federal incentive programs.that's the difference and make loan modification more preferable.thanks for detail info.
i have read a familiar article before. your's is equally clear. it is so timely with our present turmoiled economy. thank you for the reminder.
This article gives a n elaborate knowledge about the difference between loan mortgages and refinancing. Thank you.
I think i prefer to choose Refinancing than loan modification, because the risk is minimal.
First of all thank you very much for sharing very informative posts. Everybody's dream will be having a Own house. These posts give a picture about the loan processes. Keep sharing.
i think i will choose refinancing if we can but if can't i will choose loan modification. this is very good article for me.
This is an nice article such that providing the
information about the choosing of refinancing .This is good informative topic
Useful and good article. Thanks for sharing
i would like to thank u alot for ur explication , and your write style . i am looking for what you talk about
Home Affordable Modification Plan seems very much helpful for those whose property values have suffered and who cannot otherwise sell or refinance.On the other hand Homeowners refinance plan shows the way to lenders by making them paid by government itself.. Sounds really great..
loan modification is less expensive. i refer practical rather than theory
The comparison between the two is really helpful and both have merits but choose the best one according to your needs and after careful consideration.
For me i choose refinancing, because it's quite more cheaper compared to Loan Modification, but that's just for me, btw nice guidelines about Loan Mod Vs. Refinancing.
Refinancing is a better option when compared to loan modification as it has many advantages over the later. Thanks for the info.
i am a bit confusion about which one is better. I mean there are lots of facts and figures you have to look at when making a decision. As most of us dont want to get pissed by the in depth or hidden policies or charges. This article is really good but i am looking forward for such type of articles in the near future
The difference of this two topics is now clear to me by read this article.Thanks to you for write this article.
Nice comparision between Loan Modification and Refinancing.... Thanx for sharing this article....
the difference between loan mortgages and refinancing are discussed in this article
I think it depends on how is the situation..
In the context of personal (as opposed to corporate) finance, refinancing a loan or a series of debts can assist in paying off high-interest debt such as credit card debt, with lower-interest debt such as that of a fixed-rate home mortgage.
The differences between the two are explained very clearly here. Its a great article and very useful for new people.
for me loan modification is best because it has various benefits.
Both of them have benefits, it's depending on your needs what to choose
THANK YOU FOR THIS BEAUTIFUL ARTICLE.
However, for me refinanacing is more option and benefit Vs loan modification, honestly, i will choose refinancing
this article contain the information very important about Choosing Between Loan Modification Vs. Refinancing very nice article thanx for sharing
the article is nice and it is useful to know about these information
i think loan modification is a better option
I think loan modification is a better option
Home Affordable Modification Plan seems very much helpful for those whose property values have suffered and who cannot otherwise sell or refinance.On the other hand Homeowners refinance plan shows the way to lenders by making them paid by government itself.. Sounds really great..
i think that refinancing is better than loan
that was a nice and distinct topic about Home mortgage in refinancing and from my opinion looking on to the current situation refinancing would be optimal solution
iam looking for what you are talking about
in this article , its a wonderful explication
nice article
refinancing is much better than loan modification in my humble opinion...
nice article..really it is not easy to choose between loan modification and refinancing..by reading your post i got idea about loan modification and refinancing..thanks a lot for this article..
The differences between the two are explained very clearly here. Its a great article and very useful for new people.
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