So, you’re wondering if you will qualify for a mortgage bailout?
I don’t blame you-In fact, I’m sure you’ve heard of homeowners all across the nation are qualifying for mortgage bailouts. In fact many are getting bailouts with 2% interest rates!
Can you believe that? I mean a first mortgage with a 2% interest rate is literally unheard of…until now!
Since the release of the Home Affordable Modification Program (HAMP for short) in March of 2009, more and more homeowners have been able to avoid foreclosure and secure affordable mortgage payments. This bailout program, also known as a loan modification, allows for reductions in interest rates as low as 2%, term extensions up to 40 years, and in many cases, principal forbearance in order to reach the target mortgage payment. And get this, on top of those great benefits, if you pay your mortgage payments on time, you will earn $1,000 per year in principal reduction for the first five years of the Home Affordable Modification Program.
If you do the math, that’s like getting paid $5,000 just to pay your “already reduced” mortgage payment on time just like you’re supposed to. I think a lot more homeowners would pay their mortgage payments on time with that type of incentive, don’t you?
So this is great news for you and many other homeowners…especially since you want to know if you can qualify for a mortgage bailout. But, there happens to be one thing standing between you and your mortgage lender. … Read More