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Under the new loan modification program established in 2009 by the Obama administration the Making Home Affordable initiative was brought about to help home owners avoid foreclosures and most importantly be allowed to remain in their homes. The main problem that comes up is that most people do not really know what options they have when it comes to doing a loan modification. The main purpose of the loan modification process is to lower your monthly mortgage payments and HomeStart is able to give you accurate information while being able to also provide you with full service in setting up a home loan modification if the qualifications are met.
Many anguished homeowners have enthusiastically been awaiting the mortgage loan modification program's launch since it was first announced by President Obama on February 18, 2009. The loan modification plan will call for the servicer to reduce interest rates low enough so that their monthly obligation is no more than 38% of a borrower's income before taxes, and then the government would be able to put in money to allow the payments to drop down to 31% of their income.
HomeStart can help provide homeowners who have missed payments and are at the risk of defaulting on their loans with options for a loan modification. The Obama administration has stipulated that the government will give the lender financial incentives to help adjust an existing mortgage while reducing their payments on a month-to-month basis so that homeowners can stay on track with their current loan, and most importantly keep their home.
HomeStart's experience working in the loan modification industry since day 1 has provided them with great expertise in working through even the most "difficult applications" and terms. Due to HomeStart's hard work and professional work ethic they have been able to establish a great status deal with loan modifications and look forward to helping many more homeowners.
For more information please visit www.YourHomestart.com
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