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| WHAT IS A LOAN MODIFICATION? |
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With the housing market in shambles, President Obama has introduced the Homeowner Affordability and Stability Plan (HASP). This plan argues that modifying and restructuring existing distressed mortgages will keep struggling borrowers in their homes and stop the downward spiral of property values by keeping homes from entering foreclosure. More than $75 billion has been dedicated to this plan to help homeowners. |
The Homeowner Affordability and Stability Plan focuses on the mortgage payments rather than the note itself. This is done with the assumption that the borrower will be able to maintain the modified loan and remain a valued client of the financial institution. Let's face it, at the end of the day this is being done in the interest of the investors. At PAG we negotiate in the interest of our client, you.
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| WHAT WILL A MODIFICATION DO FOR YOU? |
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A loan modification can help you retain your home and make it affordable once again by doing the following(s): |
- Lower monthly payments.
- Lower the interest on the mortgage note.
- Lower the principal amount.
- Change the interest rate from an adjustable rate to a fixed rate.
- Re-amortize the loan to include past due amounts.
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