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Foreclosure Prevention Numbers First Quarter 2010
For the first quarter of 2010, there was a 75% increase in the number of people completing foreclosure prevention programs in this country. Even more surprising is the fact that the number of loans that were 60 or more days delinquent fell for the first time in two years this past quarter. These are astonishing facts, considering the large number of people losing their homes to foreclosure.
Mortgage loan modification plans are becoming a popular way to prevent foreclosure, as evidenced by the above numbers. Within the last quarter of 2009, there were over two-thirds of loan modifications that lowered a borrower's payments by over 20%. Mortgage loan modification plans are giving people the help they need to stay afloat in this rough economy.
To sign up for a mortgage loan modification plan, there are certain requirements that must be met. It is important to note that a loan modification plan is not the same thing as a loan refinance plan. The Fannie Mae and Freddie Mac loan modification program is actually intended for people that have stayed current with the payments of their home. While refinance can apply to any type of loan, this program only applied to Freddie Mac or Fannie Mae secured loans. This mortgage prevention plan also helps homeowners that may have a second mortgage on a home.
To qualify for the mortgage prevention plan, one must not have a payment that is 30 days overdo within the last 12 months. In addition, the home must be the place of primary residence for the borrower seeking to participate in the loan modification program. A homeowner must also not exceed certain amounts owed on a home. The homeowner must not exceed $729,750 dollars owed on the home. A person must also demonstrate some sort of hardship to be able to qualify for the loan modification program, such as a lowered income, very expensive medical bills, or a loss of job due to the economy.
To request a loan modification, one must go through the first loan mortgage servicer. This is the entity that receives mortgage payments on a monthly basis for one's home. One can simply call the loan mortgage servicer and ask to apply for the loan modification program. After, the servicer will initiate the application and send the necessary documents to the borrower through mail.
Overall, the number of people taking advantage of loan modification programs is increasing on a quarterly basis. These programs are helping people keep their home, rather than put them into foreclosure.
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