President Obama's Mortgage Loan Modification Plan

President Obama's mortgage loan modification plan came into effect in 2009 to prevent the number of foreclosures in the country and provide homeowners with easy refinance schemes in troubled financial times. This scheme is currently a boon to those who are nearly on the verge of losing their home due to the effects of recession. The past year has witnessed many people to lose their jobs and accept reduced pay cuts thus resulting in the increase of foreclosures. This has lead to the reduction of household income and many people struggling to make both ends meet.

During the economic recession there were many homeowners who faced the disadvantage of having to bear to brunt of high monthly mortgage payments. The objective of the above mortgage loan modification plan works along with lenders to make the payments of eligible homeowners greatly reduced. The main emphasis of the above program is to prevent the number of American foreclosures that have hit a record high in the last couple of months. The above program includes a billion Homemaker Stability Initiative that facilitates the successful loan modifications and helps to prevent foreclosures through 2012.

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The lenders in the country are not forced to participate in the above loan modification program. They are requested to analyze on whether the modification of the loan that has been described above would be more profitable than its foreclosure. It is only after this analysis that they go in for the profitable option that is feasible to them.

President Obama's Mortgage Loan Modification Plan

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Chase Mortgage Modification

A lot of homeowners need to get a more affordable monthly mortgage payment. Chase is one of the mortgage lenders approved to offer President Obama's "Making Home Affordable" plan. This is a billion dollar plan which will help millions of homeowners. Here is how it works, and what you need to know to get a refinancing or mortgage modification with Chase.

Loan modification has never been easier for a homeowner to obtain. Right now, millions of homeowners are eligible to modify their loan and do not even know it. Chase has mortgage professionals, locations all over the country, and the experience needed to get you on the path to a mortgage modification. Especially now with Obamas housing bailout program in full swing. This bailout plan will give a bulk of the billion to mortgage lenders and banks, like Chase, who approve homeowners who are "at risk" of losing their home, or are facing other financial hardships. The financial hardships can be an increase in your home loan payments, loss of a job, hospital bills, or other unavoidable expenses. Be sure to include a handwritten letter stating these facts, and sign it. This will help you chances of getting approved with Chase.

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When you decide it is the right time to pursue refinancing or mortgage modification with Chase, make sure to properly and accurately fill out all of the forms. Do not just put some information down and hope that you will get approved. This is a big key in successfully getting approved for a mortgage refinancing or modification with Chase.

Chase Mortgage Modification

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Chase Bank Loan Modifications

Chase Bank recently announced that from Jan -July 2010, it has assisted approximately 900,000 homeowners interested in modifying their home loan. What's interesting about this announcement is that Chase is actually doing something to address the three major complaints that have plagued both HAMP (the Federal "Home Affordable Mortgage Program) as well as the entire banking and loan modification industry. Here are the three major pitfalls and what Chase is doing about them.

Problem One. The loan modification process confuses most homeowners.. The majority of homeowners throughout the United States originally purchased their home through a realtor or mortgage broker who held their hand throughout the buying process and guided them. To help bring a homeowner up to speed to do a loan modification, Chase now assigns a counselor to each customer that is working with Chase; this counselor walks the customer through the modification process and is their primary contact with Chase from start to finish.

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Problem Two. Banks commonly lose documentation and ask homeowners to resend documents. Most homeowners who have encountered financial difficulty find it difficult to send the necessary documentation to a lender and hold a job at the same time. What makes things worse, some homeowners learn that after sneaking off at lunch to fax the financials from a Kinko's, that the documents previously sent were either lost, incorrect or never received by the financial institution. The other day, for example, a person at a bank notified me that an application had been rejected because it was missing a zipcode on the address. She told me that resubmitting the correct document should be an easy task, not knowing how precarious the current job market is and how difficult some companies make it for their employees to do personal tasks while on the job. To make things easier for homeowners, Chase has established a centralized location for document collection and imaging, making it easier to review a customer's file and reducing the need for borrowers to resend documents.

Problem Three. Loan modifications take too long. Most homeowners have been promised that their modification will be approved after making three monthly trial payments only to learn that after making seven or eight trial payments they are no closer to gaining approval than when they first started. To help speed things up, Chase has hired 8,000 new credit counselors to help complete the loan modification evaluation within 30 days of receiving borrower's completed application package.

By expanding their team to assist customers, Chase can now weed through their applicants more effectively. They can communicate better and help those fortunate enough to qualify and discover the homeowners who are not eligible for a modification but who might want to pursue a short sale or other foreclosure prevention option. Still the statistics for loan modification approval from Chase are not encouraging. From Jan - July of 2010, only 27% of the modification applicants offered for the Chase HAMP program had gained approval, and 38% of applicants through Chase Bank's own loan modification program had been approved. But at least it's a start in the right direction!

Chase Bank Loan Modifications

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Renegotiating Mortgage Terms When You Cannot Make the Payments

Since life isn't predictable for everyone, it's understandable when you are unable to make your mortgage payments. Does that mean it's all over for you in terms of keeping your home? Of course not. This article looks closely at how you can save your home even if you can't make the mortgage payments.

The biggest mistake most home owners make when they can't make the payments on their mortgage is to "do nothing". They don't even talk to the lender to explain the reason(s) why they haven't been able to make payments. You see, the lender is human too and understands that things can happen which might prevent or delay you from making your usual payments. Instead of hiding away from your lender, therefore, it's better to meet with him/her and talk things out amicably. You will be surprised how easy it will be to renegotiate the mortgage terms.

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If you want the best results from talking with your lender, then consider talking to your attorney first to get the best advice on what to do, where who, why, etc. In other words you want to be as informed about the entire process as possible. Unlike the erroneous saying that "ignorance is bliss", it's certainly NOT bliss at all. It can be devastating even, especially if you don't know what you are doing. Not just devastating but devastating enough to make you lose your home.

Your attorney will go through the entire documents on ground and convince you of how easy and feasible it will be to force a renegotiation on terms that will be suitable for you. But of course, at this point it's very important to highlight the fact that you must get a very good attorney if you want to get good guidance. Believe it or not, there are fake or incompetent attorneys out there who are just out to get your money and not give you good advice. That's why it's also important for you to know a thing or two about the entire process so that you won't be misled by any attorney when they are giving you professional advice.

Most importantly, make sure you talk to your lender sooner, rather than later. They always want to be in the picture early enough; in fact, far earlier than when you start missing the monthly payments. But if you wait until you start missing the monthly payments, they will not be too happy to work with you towards renegotiating the mortgage terms.

Renegotiating Mortgage Terms When You Cannot Make the Payments

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How Do You Get a Loan Modification?

Getting a loan modification can be a tricky process, because they are designed to be a serious measure, aimed at keeping people in real need of help from defaulting on their mortgages. They require communication with your bank and the ability to prove your circumstances. If you are in doubt at any stage you should get expert help. Even so, there are several clear stages that will be involved in any application to alter your mortgage.

First, you need to contact your provider. It can be awkward sometimes to know exactly who this is, given the rate at which loans are bought and sold between lenders these days. The place to start is with the people you actually pay each month. If they aren't the providers in a technical sense, they should at least be able to point you in the right direction.

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Secondly, if you want a loan modification, you'll need to be able to prove that you are resident in the house that the mortgage is on. These measures are not designed to help bail out any property speculation you might be involved in, but to keep you in your home.

Thirdly, you'll need to be able to demonstrate financial hardship. That means digging out those financial records you stuffed into the bottom of a drawer, bringing along evidence of your income, and drawing up a budget to show what it costs you to live each month.

Finally, you need to show the bank that a loan modification is really the best option for not only improving your circumstances, but also allowing them to get back some of the money they lent. Despite what you might think, no bank wants to foreclose. They do, however, want to be reasonably sure of seeing a return on the mortgage in the long term.

How Do You Get a Loan Modification?

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Current FHA Mortgage Rates

From the beginning in 1934, FHA has helped almost 35 million homeowners, making it the biggest insurer of mortgages in the world. The 109th Congress introduced the Expanding American Homeownership Act in June 2006 which would enable FHA mortgage loans to be a safe option for more underserved low-and moderate-income, and minority families so they can achieve the American Dream of homeownership. President Bush also urged Congress to quickly pass the Administration's FHA modernization proposal to help more families in need. The Current FHA mortgage rate has dropped to 5.500% - APR 5.830%. This is great news for those seeking a mortgage from FHA.

The FHA home loans have been helping many borrowers seeking a low down payment mortgage program, and also for those that need a bad credit mortgage. FHA mortgages can help a 1st time home buyer or 2nd time home buyer. You're able to use the FHA loan as many times as you move to a new home.

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FHA home refinancing has also been helping those borrowers in 2/28 ARMs, and someone who is just looking for a low FHA mortgage rate. FHA cash out refinances may go up to 95% of the loan to value, and FHA rate/term refinances may go up to 97.75% of the loan to value.

The (HUD) Department of Housing & Urban Development is the federal agency responsible for national policy, and mortgage programs that address the housing needs of United States. The (FHA) Federal Housing Authority which is under HUD plays a major role in helping homeownership by evaluation homeownership for lower-and moderate-income homeowners. FHA helps first-time home buyers, and others who might not be able to meet down payment guidelines for conventional/conforming mortgage loans by providing mortgage insurance (MIP) to private mortgage lenders.

Current FHA Mortgage Rates

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What are mortgage rates based on?

Mortgages are a mystery to those who have never applied for a mortgage. The most common question: What is the interest on the mortgage?

Technically, a number of factors influence an interest rate of loans. However, the two factors that most influence on the mortgage applicant's credit and the main interest.

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Credit rating

Credit rating, sometimes referred to as credit rating or credit rating, is a reflection of how you should handleDebts that are incurred by creditors in the past. If lines of credit with several lenders and you have promised regular payments to creditors under the terms and amounts are based, it is a good credit rating. Today, the score "good" credit is 680 +. If you have established lines of credit lenders and not yet paid, your credit rating will be poor and your credit score is below 550

Prime Rate

The prime rate is the rate that isBasis for all mortgage loans. It is determined by the banking sector and the banks charge interest based company to borrow money. When you hear the news of falling interest rates, expect mortgage rates drop when you hear about an increase, mortgage interest rates may also increase long.

Putting it all together

The general rule is that those who qualify as "good credit" for the lowest mortgage rates available to those with "bad credit" to pay interest ratesPrices. And since the interest rate is fixed regardless of the credit to qualify for the interest at base rate plus an individual claim based on their creditworthiness. Got it? Well!

What are mortgage rates based on?

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