Get a brief overview of your options from a law firm who cares, and ask questions about programs, like the new FLEX modification, that may help you with your lender. If you prefer, you can call directly at (866) 775-1552 and talk with a LIVE person. Why wait? Call now.
There are many options out there and if you don't know what yours are, mortgage default can be a scary and frustrating time. If you are searching online for help you may find websites promoting Flex Modification, principle forebearance, refinance and even government assistance programs. The truth is there are several government backed mortgage assistance programs, for example the Fannie Mae or Freddie Mac Flex Program. There are also many non government programs and legal solutions available. Your situation and needs as a homeowner are going to dictate what is best for you.
In order to find out what options best fit your current needs - as well as what you might qualify for - it's best to take some time to speak with an experienced law firm. You can receive a FREE consultation TODAY by filling out the application above, or by calling (866) 775-1552.
The FLEX Modification Program targets both home loans that have not yet been modified or those home loans that were previously modified but borrowers defaulted on them and now are behind on their mortgage. This new program has expanded the eligibility criteria. The Flex Modification allows for higher and lower income applicants to be eligible for a reduction in payment. For borrowers 90 or more days delinquent, the program targets a 20% payment reduction and requires almost no borrower documentation.
The program offers borrowers principal forbearance (reduction) of up to 30% of the unpaid principal balance with a target LTV (loan-to-value) of 80%-100% based on your current property value. Other potential benefits include a reduction in interest rate, the conversion of an adjustable rate mortgage into a fixed rate loan and an extension of your loan term to 40 years, all of which will reduce your monthly payment.
A short sale on a house is selling it for less than what is owed on the house. The sales price will be short of the mortgage balance. If the lender approves the short sale then the owner will not be responsible for the difference.
In most cases if a home fails to be sold during a short sale the lender may consider a deed-in-lieu of foreclosure. A deed-in-lieu of foreclosure will allow the homeowner to transfer ownership of the property to the lender. The lender will sell the home and receive a portion or all of the balance you owe on the mortgage note.