For example, the interest rate can be lowered to as low as 2 per cent and the term of the mortgage can be extended to a maximum of 40 years in order to maximize the reduction in loan payment. Once it is determined that you qualify, service providers will be required to follow a sequence of steps that modify the loan in order to reduce the monthly loan payment to no more than 31% of gross monthly income. Unlike the refinance program, there are absolutely no fees associated with the loan modification program. Are there any fees associated with the loan modification program? Your retirement assets are not included in any determination of "financial hardship". I took a 30% pay-cut, but I have a large 401k, can I still qualify? Not necessarily, if you can show that your current income is no longer enough to make your payment because your other expenses have risen or you have taken a pay-cut, that maybe sufficient. So, do I need to be behind on my monthly mortgage payments? Be prepared to provide your most recent tax return, and two recent pay stubs. You must demonstrate you don't have enough readily available "liquid assets" to pay your current monthly mortgage payment. What do you mean by "financial hardship"? Mortgages must be for a single-family residence with a loan balance no greater than $729,750, the home must be your primary residence, you must demonstrate financial hardship, and your mortgage payment must be more than 31% of your gross monthly income. How do I know if I qualify for the loan modification program?
Hasp mortgage refinance series#
The easiest way is to answer a series of qualifying questions at the web site here: LOAN MODIFICATION PROGRAM How do I get started refinancing my loan? Also, the amount you can refinance is still limited by the same 105% of current market value mentioned above. You can, but your lender on the second mortgage must agree to remain in a "second position". I have a second mortgage, can I still refinance my first mortgage? The refinance program will be available until the end of June 2010. Lenders and mortgage brokers will in most cases charge fees although these will vary and there is a good chance you will be able to "roll" those fees into the mortgage. If your mortgage is owned by Fannie Mae, you can shop for the best rates, but you must refinance through a Fannie Mae approved lender. If your loan is owned by Freddie Mac, you must refinance through your current mortgage servicer. So for example, if your home is worth $300,000, the balance on your loan cannot be greater than $315,000. You must be current on your payments and your loan balance can be no more than 105% of the current market value of your home. My loan is owned by Fannie Mae, are there any other requirements?
Hasp mortgage refinance mac#
Or, you can go to Fannie Mae and Freddie Mac and fill out their online request forms. Thus, you can also contact Fannie Mae at 1-800-7FANNIE and Freddie Mac at 1-800-FREDDIE from 8 a.m. Your mortgage servicer might be a little difficult to reach right now with all the questions surrounding these new programs.
You should be able to find their phone number on your most recent statement. The simplest way is to call your mortgage servicer. How can I determine if my loan is owned by Fannie Mae or Freddie Mac? In order to qualify for the refinancing program, your loan must be owned or backed by Fannie Mae or Freddie Mac. REFINANCING PROGRAM How do I know if I qualify for the refinancing program?