How To Lower Mortgage Payment
If you do NOT qualify for a loan modification then try some of these other tips for lowering your mortgage payment
There are several things you can do to lower your monthly mortgage payment. Many small items are often over looked by the consumer.
Property Insurance. – Shop around twice per year or change coverages. This could be worth $50 a month.
Real Estate Taxes- Call property appraiser to reduce taxable value. With property values dropping this can save several hundred dollars and make a real difference each month.
Regular Refinance – If market rates are lower than what you have now check into refinancing
HARP Government Refinance- If you are underwater on value but have a Fannie Mae or Freddie Mac Mortgage this is a great program that really works
Making Home Affordable Loan Modification Guidelines
Am I eligible for the Home Affordable Modification Program?
- Loans originated on or before January 1, 2009.
- First-lien loans on owner-occupied properties
- Unpaid principal balance up to $729,750. Higher limits are allowed for multi-unit properties.
- Delinquency is not a requirement for eligibility.
- Loans can only be modified one time under this program.
How do I get started?
If you meet the above eligibility requirements, mail the following documentation to:
- Completed and signed IRS 4506-T form.
- The two most recent pay stubs for each wage earner on the Note
- The most recent tax returns for each customer on the Note
- A signed affidavit of financial hardship.Please gather the following information and have this ready. You may enter your financial information online, or call us to speak to a Loan Counselor.
- Income (monthly gross and take home pay).
- Checking and Savings Account balances
- Other assets (boat, cars, personal property)
- Expenses (monthly household expenses)
- Other Expenses (auto loans, credit card payments, etc.)
Important Links
http://makinghomeaffordable.gov/
http://www.treas.gov/initiatives/eesa/
http://www.financialstability.gov/
