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REFINANCE GEORGIA LOAN MODIFICATION

There are plenty of Georgia loan modification mortgage scam artist out there who are anxious to take your hard earned money and leave you with empty hopes. Some of the things you need to know to help yourself in your journey to modify your monthly loan payments.

If you are one of the many Georgia home owners who were struggling to make your mortgage payment, then the Georgia Loan Modification may have helped you save home. It is basically a restructuring of the terms and conditions of your existing mortgage loan to make your payment affordable. Examples of your mortgage modification might include a change in your interest rate, the length of your loan, and other segments that  could be adjusted to make it easier for you to modify your Georgia monthly payments.

In the past, some Georgia loan modifications were totally inadequate. Often they only provided Georgia homeowners temporary relief. Georgia Home owners soon found themselves in the same intolerable situation. This is why the Georgia housing agency created the Georgia mortgage modification program which has been extended for Many Georgia homeowners.

REFINANCE OUT OF A GEORGIA MORTGAGE MODIFICATION TO A FIXED RATE MORTGAGE

Georgia Mortgage Mortification-  When you modify your Georgia mortgage, the Georgia mortgage lender is agreeing to change one or more of the terms and conditions of your Georgia mortgage loan. Georgia mortgage lenders are granting these mortgage modifications in an effort to help Georgia homeowners stop foreclosure.

Refinancing Your Georgia loan modification, you can do one or more of the following:

  • Refinancing Could Stop your mortgage from adjusting back up.
  • Lower your monthly mortgage payments over the long haul.
  • Reduce the interest rate on your upcoming mortgage adjustment.

LOAN MODIFICATION REFINANCE OPTIONS INCLUDE

  • FHA – REFINANCE TO AN FHA MORTGAGE LOAN!
  • VA- REFINANCE TO AN VA MORTGAGE LOAN!
  • CONVENTIONAL- GEORGIA MORTGAGE MODIFICATION REFINANCING!

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Has your home’s value dropped significantly? Has unemployment or a medical problem made it difficult for you to make your monthly mortgage payments? Are you locked into a loan with a high interest rate? Are you worried about losing your home to foreclosure? Whatever your situation, your Georgia loan modification attorney can review your finances and the details of your mortgage, then guide you through the process of getting a loan modification.

Should you attempt this process by yourself or should you seek professional assistance? The top 10 tips listed below will help you answer this questions and should ease your concerns and keep your home from foreclosure.

HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)

HAMP®is designed to lower your monthly Georgia mortgage payments, making them more affordable and sustainable for the long-term.

HOME AFFORDABLE REFINANCE PROGRAM (HARP)

If you’re current on your Georgia mortgage, but have had difficulty refinancing, HARP could provide a solution. Even if you owe more than your home is worth, if your mortgage is owned by Fannie Mae or Freddie Mac, you could save with HARP.

HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM (HAFA)

HAFA®provides Georgia homeowners the opportunity to exit their Georgia mortgage and be relieved of their remaining Georgia mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL).  It also provides homeowners with $10,000 in relocation assistance.

HOME AFFORDABLE UNEMPLOYMENT PROGRAM (UP)

UPSMreduces or suspends your monthly mortgage payment, giving you some much needed breathing room while you search for your next job.

FEDERAL HOUSING ADMINISTRATION SHORT REFINANCE FOR BORROWERS WITH NEGATIVE EQUITY (FHA SHORT REFINANCE)

If you’re up-to-date on your Georgia mortgage payments, but owe more than your home is worth, a FHA Short Refinance could get you into a more affordable, more stable, FHA-insured mortgage.

HARDEST HIT FUND PROGRAMS (HHF)

HHFSMprograms in 18 states and the District of Columbia were designed to provide assistance to struggling homeowners through modification, mortgage payment assistance, and transition assistance programs.

REFINANCE OUT OF A GEORGIA MORTGAGE MODIFICATION

START NOW Originally, Georgia Loan Modifications applied only to Georgia home owners who were already in the foreclosure process. Now, the sooner you start the more successful you will be. Georgia mortgage lender does not require you to be in default to apply. Going directly to your Georgia mortgage company can be chancy at best. A lot depends on who the lender is and who they assign as the negotiator.

While you won’t get a definite yes or no, the Government’s web site Making Home Affordable has a Payment Reduction Estimator that will help determine what your current mortgage debt-to-income is and how much your monthly payment could be reduced if you qualify for a modification.

DETERMINE IF YOU NEED HELP Should you hire an Attorney? Seek the services of a Georgia Loan Modification firm or a nonprofit housing group?

Going it alone requires that you have the time, skills and experience necessary to battle your lender. Few private citizens have had any previous experience with negotiating the terms of a loan.

There are HUD approved counseling agencies who have plenty of experience with loan modifications who do not charge for their services. Make sure you don’t pay any up-front fees or give confidential information to any company that is not a law firm. These should be heeded warning signs that you may be scammed by a loan modification company.

Obtaining the services of an Attorney, who is well versed in the many issues of loan modifications and can get you the best terms, is money well spent. Nominal Attorney fees expended during the negotiations can be recouped many times over during the life of your loan.

DETERMINE WHO YOUR ACTUAL GEORGIA MORTGAGE LENDER IS – Nowadays loans can be with a single bank or lending institution or can be cut into many portions and held by a mortgage back security. This means it is now held by many individuals. You can’t determine if you qualify for a modification if you don’t know who holds your mortgage. There are several ways to find out. Start by going straight to your Georgia mortgage lender’s and ask who owns your loan. Phone numbers can be found on your mortgage statement or on your payment coupons. There also are the web sites for both Fannie Mae and Freddie Mac where by just inputting your home address you can determine if it’s held by either group.

While participation by Georgia mortgage lender in the MHAP is voluntary, the Federal Government is providing financial incentives if they participate. Many of the major lenders are participating in the program.

BE COMPLETELY HONEST WITH YOURSELF – In order to apply, there is a lot of financial data you will have to gather a give to the lender. If you provide precisely what the Georgia mortgage lender’s needs, the process will go quickly. Make sure that all of the information you provide is accurate and truthful. Do not be tempted to “fudge” the numbers as any inaccuracies can hurt you in the long run.

Before contacting your Georgia mortgage lender you should gather the following information:

  • Monthly Mortgage statement
  • The two most recent bank statements (savings, checking etc.)
  • A utility bill showing homeowner name and property address
  • Unemployment insurance letter, if applicable
  • Account balances and minimum payments due on all of your credit cards
  • Information on all your other assets
  • Information about any other mortgages on your home, if applicable
  • The two most recent pay stubs for all household members who contribute to the mortgage payment(s)
  • The last two years of tax returns
  • If self-employed, the most recent quarterly or year-to-date profit and loss statement
  • Documentation of other income you may receive such as alimony, child support, social security etc.)

 

PREPARE AN EXCELLENT HARDSHIP LETTER – As mention earlier we explained how you got into this predicament can be extremely helpful. It’s critical that it be well written as well as be factual. The service must understand exactly why you are in this situation. Your letter should also be chronologically correct so that the chain of events can be easily be followed by the reader. And lastly, endeavor to keep your letter concise and to the point. In other words make it easy to read and follow.It could be very helpful to prepare a letter describing any circumstances that caused your income to be reduced or expenses to increase (job loss, reduction in hours or rate of pay, divorce, illness, etc.)

TALK TO THE APPROPRIATE PERSONNEL – Homeowners who have attempted a loan modification on their own often report that the most frustrating part was getting to talk to the right party.  First you have to find the correct department within that organization. Once you accomplished that task you then have to find the person who has the proper authority to act in behalf of the lender.

MAKE SURE YOUR GETTING THE BEST DEAL, AND THAT YOUR NEW TERMS ARE AFFORDABLE – Once you present your case you will have very little influence over the terms of your modification. The Georgia mortgage lender’s representative’s job is to get the most money possible while still keeping you as a customer. If offered a deal that you still cannot afford, don’t accept it out of desperation. The representative usually has some latitude, so you must be able to persuade him/her that the terms are still too expensive for you to afford. Impress upon them that your detailed budget indicates that you can’t reasonably make the payments.

Foreclosure is very expensive for lenders, which gives you a bit of an edge when negotiating a loan modification. Just make sure you or your attorney provides justifiable data on why the deal won’t work.

BE CALM  – A loan modification can be a frustrating ordeal and it’s easy to become angry. Don’t succumb to this temptation. Poor conduct by you can lead to further frustrations. Such behavior on your part can lead to a variety of negative actions by others. If you treat them harshly they will be less inclined to help you. Remember the old adage, “You can attract more flies with sugar than you can with salt”.

DOCUMENT EVERYTHING – Leave a paper trail of all your actions. This even includes telephone conversations. Include names and the basic essence of conversations. Either use certified mail or servicers like Fed Ex to ensure your documents arrive and you have proof that they were received. Keep copies of everything you transmit, and keep it well organized.

HAVE PATIENCE – You have to be patient and proactive at the same time. Normal Georgia loan modifications can take from six to nine months. Obtain a proposed time schedule from your lender at the onset of the process. Monitor the schedule of key events and follow up, in a professional manner, as key events approach and you have not heard anything.