Rebecca Discusses ” Myths & Misconceptions about Underwater Home Values~A Guide for Homeowners in 2012 ” – If you are a homeowner whose house value is less than what you owe, or if you are falling behind on your mortgage payments, listen to this segment as Rebecca brings clarity to the common myths and misconceptions about Short Sale, Loan Modifications, and the Lending Institutions that hold your mortgage.
Radio Show: Home Help Radio with Rebecca Austin on KPRZ
In the midst of negative criticism, the HAMP (Home Affordable Modification Program) approved 230,801 permanent Loan Modifications to date saving on average $500 per month per Home Owner. Although market observers still note that this pace is too slow to make a significant difference, most Americans feeling the pinch wouldn’t sneeze at $500 less out of their pocket at the end of the month.
Leading the pack of servicers on it are is GMAC, converting 48% or 17,102 of their trial modifications to permanent. Next is CitiMortgage with 47% or 22,455. But when you look at sheer numbers Bank Of America is the clear winner, completing 32,900 permanent Loan Modifications with 38,074 approved and awaiting acceptance by the borrowers.
Sometimes, receiving a Trial Program (sometimes referred to as Special Forbearances, or just plain or Forbearance usually lasting three months) doesn’t guarantee that this payments going to stay after the trial ends. Many Americans are excited to see a comfortable payment during the trial period, pay on time, and then on the fourth month find themselves having to go back to the higher previous payment.
The reason? Because your bank needs a “reminder”. Loan Modifications don’t just happen automatically. There are 4 million struggling homeowners and 1.1 started HAMP trials.
If you on currently approved for a HAMP trial and are making your lower payments, get ready to get back on the phone again and make this lower trial permanent! If you need help or have questions, visit http://www.WorkItOutAmerica.com/
There you can ask for a 15 minute Strategy Session at no cost and learn the tips and tricks to make your trial payment permanent and enlist the help of Attorney if you prefer.