A mortgage reduction program just may be the right solution you are looking for if you are trying to save your home from going into foreclosure. A lot of homes are now "underwater" which means the homeowner owes more than what the home is currently worth. If you are in this situation and have recently suffered a drastic reduction or loss of income, foreclosure would seem like an inevitable outcome.
However new developments in the current administration's effort to assist the growing number of troubled homeowners are offering more options. What does this mean to you? If your income right now has been reduced due to cutbacks or a change in the number of work hours, here are a few guidelines to see if you may qualify for a mortgage reduction or loan modification.
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* The house in question must be owner occupied
* Your monthly mortgage payment amount has become unaffordable (Above 31% of your current income)
* The home mortgage balance must be less than $729.750
The mortgage reduction program does not assist investors and speculators. Nor does it help defaults on vacation homes. New changes to this program also include homeowners that have recently become unemployed. That is great news for a lot of desperate homeowners who are trying to save their homes.
The refinements to existing mortgage reduction programs has been enhanced to expand flexibility for mortgage servicers to assist unemployed homeowners and underwater mortgages. It is worth the effort to see what assistance is currently available that is applicable to your circumstance. It just may save your home from going into foreclosure.
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