Midway Real Estate

Am I Eligible for loan modification?

I was reading about the plan that Obama has passed. It says that homeowners must be in good standings. I am. We purchased our home Feb 2007, we paid $214,000. We live in the state of NV. There are about 20 foreclosures in our neighborhood. With houses selling around $140,000, same model as ours. We are not currently late on any payments, though we struggle every month to keep it that way. We also got into a 5 year ARM loan, our mortgage has not adjusted yet, we still have another 3 years. I am wondering if we are eligible for the new plan Obama passed. And if so, how do we go about this? Who do we contact? Thank you for any and all help!!

You may qualify, but you need to meet the other criteria like have a LTV of less than 105% (see source article for more eligibility rules). You should contact your servicer to see if you can modify.

Sustainable loan modifications: the Obama administration’s new loan-modification plan imposes hefty new information-tracking demands on servicers. To make … An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on June 1, 2009. The length of the article is 3044 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Sustainable loan mod…

Obama administration urging large servicers to step up loan mods.(Briefing Book)(loan modification ): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on August 1, 2009. The length of the article is 491 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Obama administratio…

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