The idea of the mortgage loan modification system put in place by President Obama was to help all homeowners who may potentially struggle. Many people only think of those who are entering or already in foreclosure, but this is not entirely true. In fact, the federal government gives out bonuses to banks and lenders that find mortgage loans that could be in danger but are still current.
What the government is trying to avoid is the “reaction” from businesses instead of being “proactive. The government promises: “…The program will provide one-time bonus incentive payments of $1,500 to lender/investors and $500 to servicers for modifications made while a borrower is still current on mortgage payments…” This gets lenders and servicers out to try to find people who could qualify.
This is an attempt to compensate banks and lenders for lost interest and get them to agree to the terms of the modifications. The government knows that if they don’t give the banks a reason to start taking chances it will never happen. Approach your lender and tell them that you know they get a bonus if you are approved, then try to sell yourself as a viable candidate.
Don’t waste any more time worrying about how to pay your mortgage, contact us today by phone at 813-612-5697 or 877-246-4486 or by email at Sales@TSherwoodLaw.com.
