Seymour's Blog

Reduce Your Mortgage Payments - Apply for a Loan Modification

President Obama has started a new program to help troubled home owners who are having difficulty making their regular monthly mortgage payments. The plan is to help about eight million home owners reduce their monthly mortgage payments.

This government program is called “Making Home Affordable”. The government is giving significant financial incentives to mortgage companies to help homeowners reduce their monthly mortgage payments. We started helping homeowners successfully enter these programs in 2009, and every week more and more people have been contacting us to learn how they can save substantial amounts of money by reducing their monthly mortgage payments.

President Obama has set some specific guidelines for the program. One of the most important guidelines is that homeowners should be paying about 31percent of their monthly income towards their mortgage payments. The mortgage payment includes principal, interest, taxes, and insurance.

Homeowners normally need to demonstrate some sort of hardship to get into the program, but establishing a hardship is not very difficult. Simply showing that based on your present income and expenses that you don’t have enough to make your regular mortgage payments is usually considered enough of a hardship.

Other hardships include adjustable rate mortgages, where  your interest rate has increased and raised the payment to beyond something you can afford, cut backs in hours at work, medical problems, layoffs, and other conditions that have made it increasingly more difficult for you to make your regular mortgage payments.

In order to qualify for the program, you don’t have to be behind in your mortgage payments. On the other hand, even if you are significantly behind in your mortgage payments, you can still qualify for the program. Applying for the program is a great way to stop a Sheriff sale, because a foreclosure will not go to Sheriff sale if you are actively being considered for the program.

We want to help as many people save as much money as possible on their mortgage payments. According to government statistics, the average homeowner has been their mortgage payment reduced by about $550 a month. We have had some homeowners who have had their mortgage payments reduced by $1,000 or more.

If you are having trouble making your mortgage payments and want to learn how you can save a lot of money on your monthly mortgage payments, please give us a call. We would love to teach you about this new program, and we would love to help you save as much money as we can.

Please give us a call at 856-696-8300. We will give you an absolutely free office consultation, and help you get started on your way to saving lots of money on your monthly mortgage payments