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Tom Lyons
Real Estate Expertise
Phone:
925.216.1105
License #:
01111027
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Loan Modifications for 2010 |
In February 2009 president Obama's $275 Billion dollar housing stimulus plan was implemented. Homeowners in need of help can now modify their existing mortgage loan to get lower interest rates, and lower monthly payments.
In November 2009 the Federal government announced that banks would be doing a better job, in 2010, with loan mods. This includes loan modifications that have a principal reduction, as well as an interest rate reduction for those homeowners who qualify.
The Tom Lyons Real Estate Team can help you with this loan modification process. We've years of experience in helping homeowners keep their homes. Simply send us an email at realestate@tomlyons.com and we'd be happy to help.
The links below explain the entire loan modification process.
Thank you!!
 Loan modifications, as per the Obama housing plan of 2009 can happen in a couple of ways. 1. Banks can offer a reduction in the interest rate on your loan so that home owners can then afford the lower payment. However, most of these are for a fixed period of time, say 5 years. So the bank may reduce your payment for 5 years ... after that time your payment may then go up to the original amount. When considering a loan modification it is important to make sure that you understand all of the terms that the bank is offering.
2. In some cases the bank may be able to reduce the principal balance to your home. This is the more desirable of the loan mod options .... after all who wants to make payments on a $400K principal balance when the home itself may now be worth only $250K. Though the government is encouraging banks to make principal adjustments on homes, as of 10/09 very few banks are doing this. Again, when you apply for a loan modification you need to make sure that you understand, 100% understand, all the terms of the loan modification.
This is why attorneys and real estate brokers help people with the loan modification process. It is complicated and most people need help with it to make sure that they get the best possible loan modification.
Thank You!
 Helpful loan mod links ...www.huffingtonpost.com/2009/03/04/mortgage-brokers-may-bene_n_171899.html
www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm
home-mortgages.suite101.com/article.cfm/obama_refinance_loan_modification_programs
tomlyons.yourkwagent.com/atj/user/AdditionalGetAction.do?pageId=158249
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