Detroit A+ BBB Mortgage Loan Modification Program | Michigan
Aina Olusegun Aderemi
January 08, 2010
According to the Detroit News, the foreclosure rate in Michigan has doubled from 2004 to 2006 to a percentage rate that is nearly 2.5 times the national average. Michigan´s foreclosures rose 134% in August of 2009 hitting just over 19,000 homeowners, an increase of 42% in comparison to the levels in August of 2008. Michigan is facing the 5th highest foreclosure rate in the nation which is reaching 1 home in every 234 Michigan households. What many homeowners do not realize is that there is help lowering your monthly payment
and keeping the home you are in.
A loan
modification is a permanent change in one or more of the terms of your loan. This could mean a lower interest rate, which would reduce monthly mortgage payments to a manageable amount based on household income and financial hardships. This is made possible because lenders would prefer to modify your loan and continue to receive payments than go through the costly process of foreclosure. With a sub par real estate market these competitive circumstances make it very difficult to sell a foreclosed home for what it is worth, and lenders are more open to negotiating current terms.
As part of President Obama´s 2009 Economic Recovery Package, he plans to rescue the troubled housing market with a plan called the Homeowner Affordability and Stability Plan, also known as HASP. Obama will do this by modifying distressed mortgages, keeping struggling borrowers in their homes. This plan gives lenders extra incentive to lower monthly mortgage payments because they will receive $1,000 for each loan modification and can also receive an additional $1,000 a year for up to three years, if the borrower makes consistent payments. HomeStart has a dedicated team to ensure that any homeowner can take advantage of HASP and remain in their home for a new monthly payment which they can afford.
HomeStart has established relationships with large banks and lenders and has experienced attorneys to work on your mortgage or loan modification. The trusted services we provide have helped many families save their home, hundreds and in some case thousands a month on mortgage payments. HomeStart is not a high-volume mortgage and loan modification company, and you will never receive a customer number. We keep our A+ BBB rating by providing personal and dependable service to our customers. We provide free consultation to evaluate your current situation so that together we can provide a practical solution that is suitable to both you and your Lender.
Visit our real estate resource website at: www.realestatebuyspot.com
and keeping the home you are in.
A loan
modification is a permanent change in one or more of the terms of your loan. This could mean a lower interest rate, which would reduce monthly mortgage payments to a manageable amount based on household income and financial hardships. This is made possible because lenders would prefer to modify your loan and continue to receive payments than go through the costly process of foreclosure. With a sub par real estate market these competitive circumstances make it very difficult to sell a foreclosed home for what it is worth, and lenders are more open to negotiating current terms.
As part of President Obama´s 2009 Economic Recovery Package, he plans to rescue the troubled housing market with a plan called the Homeowner Affordability and Stability Plan, also known as HASP. Obama will do this by modifying distressed mortgages, keeping struggling borrowers in their homes. This plan gives lenders extra incentive to lower monthly mortgage payments because they will receive $1,000 for each loan modification and can also receive an additional $1,000 a year for up to three years, if the borrower makes consistent payments. HomeStart has a dedicated team to ensure that any homeowner can take advantage of HASP and remain in their home for a new monthly payment which they can afford.
HomeStart has established relationships with large banks and lenders and has experienced attorneys to work on your mortgage or loan modification. The trusted services we provide have helped many families save their home, hundreds and in some case thousands a month on mortgage payments. HomeStart is not a high-volume mortgage and loan modification company, and you will never receive a customer number. We keep our A+ BBB rating by providing personal and dependable service to our customers. We provide free consultation to evaluate your current situation so that together we can provide a practical solution that is suitable to both you and your Lender.
Visit our real estate resource website at: www.realestatebuyspot.com
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