Make a Home Affordable Modification Program Application with Assured Attorney Help

With the new making home affordable loan modification program guidelines homeowners can get back control over their monthly budgets. The newer government requirements are meant to help borrowers prevent foreclosure and be able to keep their homes. Borrowers the home affordable mortgage modification program will keep families in their own home. Moreover it will provide longer loan terms of 30-50 years. The program can also help in reducing the principal balance to steady the housing market in a particular area.

UsLoanZ attorneys can help with your home affordable modification program application to give you a much better chance of the best deal.  You will get the best loan terms possible negotiated within the law. Your previous mortgage is studied in depth. Violations of newer laws are identified and used as leverage to get you the most affordable monthly payment.

Employed homeowners who cannot make mortgage payments can qualify for the home principal reduction plan. You can decrease your monthly payment to 31 per cent of your gross or pretax income. The attorneys you hire are experienced to negotiate for interest rate as low as 2 per cent for this. The new Obama HARP making home affordable changes has renewed enhancements which the mortgage servicers will use for homeowners from June 2012.

The new mortgage loan modifications program for underwater mortgages or second lien program will help more homeowners who were not included in the earlier plan. Lenders who had to underwrite the loans manually to confirm with the new guidelines now have new software to do their work in lieu of an appraisal and are much faster. The latest changes to the home affordable modification programs for a principal reduction benefit allows the mortgage amount to be divided into two portions – the principal amount and PRA forbearance amount.

The new lowered principal amount will guarantee a monthly mortgage payment of 31% of the pretax income. So the homeowners are expected to continue making regular payments in order to benefit and become free of paying the forbearance amount. The second mortgage lender should be informed and details of the first mortgage loan modification through the HAMP program should be disclosed. The second lien can then be applied forbearance or waived off totally if the second mortgage servicer agrees.

Read more about making second home affordable loan modification program .