Fed Finally Urging Lenders to Write-Down Loan Principal or Payments
Lower YOUR Rate, Payments, or Principal Now!
Federal Reserve Chairman Ben S. Bernanke has joined lawmakers and Treasury officials in noting the difficulty created by declining home prices. In some instances, the slump means that homeowners owe more than the house is worth. In those cases, "the best solution may be a write-down of principal or other permanent modification of the loan by the servicer." -Washington Post
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Your Current Mortgage Payment
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Qualifying Hardships for Loan Modification Approval
• SOMETHING HAS CHANGED AND YOU ARE WORSE OFF
• Reduced or delayed income
• Loss of job
• Failed business
• Borrowing money or using credit cards to make ends meet
• Excessive obligations
• Property tax increase
• Increase in expenses
• Illness or injury
• Medical bills
• Adjustable rate mortgage going to or already has reset
• Interest only loan changing to principal and interest
• Loan was never affordable in the first place
• Divorce
• Death in the family
• Military duty
• Job relocation
• Incarceration
• Problems with the property
• Inability to rent the property
• Inability to sell the property
• NO MONEY LEFT AT THE END OF THE MONTH
Did you enter into your mortgage more than one year ago?
Modified Payment You Can Afford
Be reasonable (If you're paying $4000/mo, don't ask for $500/mo.
Just estimate total owed on all your credit cards, if any
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