Does Your Bank Have a Mortgage alteration Plan?

Does Your Bank Have a Mortgage alteration Plan?

If you are struggling with your monthly mortgage payments, you have probably been paying special attention to the news about the loan modifications obtainable by the 2009 Stimulus Package, the Making Home Affordable Program. Millions of homeowners are getting assistance in avoiding foreclosure, but does your bank or lender have a mortgage alteration plan?

The Making Home Affordable Program has various guidelines for qualification, but the first and foremost one is whether your lender is on the approved lender list. If not, then a loan alteration by this government-sponsored program is not possible for you. It is easy to determine your bank’s participation by accessing the list at the government website. A local HUD office, or Department of Housing and Urban Development office, can also help you with this important information.

already if your lender is not participating in the government program or you don’t qualify, this does not average you nevertheless could not work out a loan alteration to keep you in your home. The truth is that edges do not like to do foreclosures, and this is more true than ever in this current economic downturn. They cost them much in time and money.

If you find yourself in that situation, you should not give up on the possibility of a reworked mortgage. The lender’s website is a good place to start, with “Loss Mitigation” or “Hardship Help” being two headings to look for in the menu. So, you should find out today if your lender has a mortgage alteration plan.

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