Mortgage Modification and the Southern Oregon Real Estate Market
While there seem to be plenty of headlines being made about the beginning of the end of the Great Recession, there are still a great many homeowners nationwide and in the Southern Oregon real estate market, that need a mortgage modification in order to avoid losing their home to foreclosure because they can no longer afford to make their full mortgage payments. If you are seeking a mortgage modification, here’s what you can expect.
To qualify for the “Making Homes Affordable” program set up by the government to assist you with a mortgage modification, the mortgage in question must be on your primary residence, it be worth less that $729,750, and it must have been written before January 1st, 2009. Additionally, you will have to show proof that you’re a having difficulty making your payments and that your current payment is more than 31% of your gross income. And if that’s not enough, if you owe more than your house is worth, your lender will be reluctant to accept anything less than the full amount due.
But don’t despair. There is help out there for homeowners Continue reading Mortgage Modification and the Southern Oregon Real Estate Market
More on Topics: Estate, Market, Modification, Mortgage, Mortgage Modification, Oregon, Real, Real Estate, Real Estate Market, Southern, Southern Oregon, Southern Oregon Real Estate, Southern Oregon Real Estate Market
Posted August 11th, 2009 in Grants Pass Real Estate, Green Real Estate, Michael Masters, Real Estate, Southern Oregon Real Estate By Keyboard Culture| No Comments »
