Homeowners struggling to make their monthly mortgage payments have turned to the federal government and their lenders for loan modifications, many with little success. An educational webinar is now available to assist these homeowners with their loan modifications.
A group of Realtors, mortgage consultants, loan modification experts and real estate attorneys have developed FreeModificationWebinars.com to provide consumers with direct, clear information about the steps they need to take to make sure they qualify for a loan modification.
After determining if they qualify, the webinar offers a step-by-step program for submitting the appropriate paperwork for a loan modification.
The Home Affordable Modification Program is undergoing some changes which are meant to streamline and speed the loan modification process. One of the biggest obstacles to homeowners moving from the application to the temporary modification period to a permanent modification has been missing or incorrect paperwork. The new rules and the new webinar are meant to help lenders and homeowners understand what is required to finalize a loan modification.
Loan modifications require homeowners to prove that they cannot afford their current mortgage. In addition, homeowners will need to complete a thorough financial disclosure process which proves their income and assets. The goal of the program is to avoid foreclosure on these homeowners and to develop a mortgage loan that they can afford and which will allow them to stay in the home. The rules say that the monthly housing payment resulting from the loan modification must be less than 31% of the homeowner's monthly gross income.
In addition to problems with missing paperwork, lenders and consumers have sometimes found it difficult to modify the loan terms to meet the budgetary needs of the homeowners. Homeowners who have lost a job or have reduced income may not be able to qualify for a loan modification. A number of families who were placed in the initial trial period of a loan modification have been unable to make those monthly payments and will now be forced to sell their home as a short sale or lose it to foreclosure.
Consumers can register online at FreeModificationsWebinars.com for the weekly webinars.
Written by Michele Lerner
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