i am behind on my morgage by 3 months because of loss of wages. Now that I found a new jobs I have less income than before and wont be able to afford my home. Please help !
Your mortgage doesn’t need to be owned by Fannie Mae or Freddie Mac if your interested in the modification (Fannie and Freddie is necessary for the refi part only). First you have to take a look at your budget to see what kind of deficit you have; after that, identify expenses that you can reduce or eliminate (the idea is to present to the lender a deficit that they can work with). The Obama plan could reduce your payment to 31% of your gross income so you need to calculate that number and show the lender that you can afford that payment along with all the other expenses that you have
How does president Obamas morgage relief plan work? What do I have to do to qualify?
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Go to…http://www.makinghomeaffordable.gov/refinance_eligibility.html This site will ask a few questions that will pre-qualify you for the program. After answering the questions, contact your current lender to find out if your mortgage is owned partially or entirely by Fannie or Ginnie Mae. Even if your mortgage is not owned by either of these two, contact your lender to discuss your options. Most lenders are working with their clients (you) to try to keep you in your home and avoid foreclosure.
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Your mortgage doesn’t need to be owned by Fannie Mae or Freddie Mac if your interested in the modification (Fannie and Freddie is necessary for the refi part only). First you have to take a look at your budget to see what kind of deficit you have; after that, identify expenses that you can reduce or eliminate (the idea is to present to the lender a deficit that they can work with). The Obama plan could reduce your payment to 31% of your gross income so you need to calculate that number and show the lender that you can afford that payment along with all the other expenses that you have
References :