Last week I had the opportunity to speak with several client(s) of the African Alliance of Home Ownership as a sit in consultant; at – the Memorial Coliseum, for the: Home Affordable Program.
What was interesting is that people of “ALL” nationalities either believe or assume, that – they are or will potentially be in a position of financial challenge or hardship… When the cards are really laid out in front of us it’s important to realize: That if you have not sat down and reviewed your financial limitation(s) or investment potentials rationally: Even I could over look the obvious!
For those that are truely in need of Mortgage Support and not just looking to lower there rate: There are several Non-profit group(s) and Lender(s) in your area that can either direct you through the process of finding the support needed; or, direct you to that which is the better fit for your Mortgage Financing needs. For instance: Loan Modification – Home Affordable Program (105% first lien / re-subordinate second) – Low Credit Score w/ Timely Payment(s) made needing to Refinance…
1. If you are several months behind on your mortgage payment; and can not communicate with your lender/servicer(people that you are t0 pay) a Non-profit can and will make the contact on your behalf that you potentially gain a Loan Modification. As for cost the most to be paid is $25 for a credit application. If you are asked to pay more find a different NON-PROFIT GROUP! As they are paid by HUD to help assist you. But, do not go in like you are owed something, have all of your document(s) in front of you and be prepared to communicate the position you are currently sitting in clearly.
2. If you have not yet fell behind on your payment(s); but, your income is very tight due to lose of income, separation, home value which have prevent you from refinancing. Or because of loss in equity and/or your credit score has dropped – yet you have, been making your payments (ALL credit) on time for the past twelve months. Then you will qualify for the Home Affordable Program; if you have a Freddie Mac or Fannie Mae Loan… Go to www.freddiemac.com or www.fanniemae.comto find out which you have. If you do not have one of those loans mentioned and it is a conventional loan, your loan servicers needs to assist you. The only other potential is;
3. Low Credit Score – Refinancing. If you have a low credit score, but, have made your payments without late(s) over the past twelve months: There are loan programs with guideline(s) which will work for you.
***In all situation(s) if you still have question(s), take time and review the Categories link: “Closing and Funding Tool” or “Do you have what it takes to Close”… Gather the item(s) it talks about that apply to your certain situation and then email or give me a call with a time to talk for 30 minute(s)…***