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. You see, when it comes to a mortgage bailout, your lender will use your ignorance to take advantage of you. Now, I’m not calling you ignorant here, what I’m saying is most homeowners have no idea about what bailout programs may be available to them. And even if they did, they still wouldn’t clearly understand the guidelines that allow them to qualify for those programs.
Unfortunately, if you don’t understand what it takes to qualify for a bailout your mortgage lender will take advantage of you in two ways;
- Your mortgage lender will grill you for personal information when you contact them for help. If you aren’t prepared to answer their questions properly you will more than likely disqualify yourself. Don’t let this happen! Make sure you have researched the loans of texas modification program you are seeking and you understand what guidelines must be met in order to qualify.
- It happens more often than your mortgage lender will grant you a loan modification that appears to be pretty good. After all, any reduction in mortgage payment is better than what you currently have.
Unfortunately, this lower payment could be hundreds of dollars more than what you should have qualified for under the proper loan modification program. This happens to way too many homeowners everyday and they don’t even know it!
This can be very frustrating and costly.
Imagine learning this information after you’ve already completed the loan modification process only to find out that you’re stuck with what you got! Talk about [email protected]#&!
But, I have an awesome inside tip for you that will help you avoid this costly it is this;
DON’T give your mortgage lender any information without learning what bailout programs are available to you!
There are plenty of FREE resources available online to help you learn more about these programs. The HAMP program, in particular can be researched, at .
Also, check out the FREE report “7 Simple Steps to Your Mortgage Bailout” which provides a very detailed breakdown of the mortgage bailout process with video instruction on how you can qualify for your very own mortgage bailout.
Warning: Do not neglect the above! Be sure to take this advice seriously if you really want to get a super low interest rate with your mortgage bailout.