Will You Qualify For a Modification?
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{ 4 comments… read them below or add one }
im at 7.8% i owe 196000 21 years to go been paying for 26 years need help my mortgage co is gmac not late on mortgage yet
Joe, the modification programs available are more based on income than any other factor. I would need to know more about your situation in order to point you in the right direction. There is also the Home Affordable Refinance Program that allows you to refinance at todays rates up to 125% of your homes value. This could save you some money if your equity position, credit score, and debt ratio will allow it as interest rates are currently in the low 4′s. If you’d like to get a better evaluation of your situation, call Michigan Mortgage Modification at 248-674-6457 or toll free at 888-665-2630 and we can see what you may qualify for.
the video was good.
my question is what happens if you are not freedie or fannie and you are above the 31% income ratio.
Eva, you don’t have to have a Fannie or Freddie loan to qualify because many investors participate in the Home Affordable Modification Program even though it was created for Fannie and Freddie loans. However, if your investor does not participate, there are many other loan modification programs available with similar guidelines such as the 31% benchmark for affordability. One thing you will need to keep in mind is that if you owe more on your home than it’s currently worth, your investor absolutely does not want to own your home. They will do what makes the most amount of mathematical sense on their end, meaning whatever they can to lose the least amount of money. So, if they will lose less money with a modification they will modify, or if they lose less with foreclosure they will foreclose. I hope this helps and if you have more questions feel free to give us a call.