The Obama Administration announced plans to allow for special considerations in cases for folks who are currently behind on their mortgages, and headed into foreclosure. Those guidelines apply only to mortgages that are currently held by Fannie Mae or Freddie Mac – but could impact a significant number of people in NC.
A Home Loan Modification will impact your ability to obtain a new mortgage. Generally, you will need to wait at least 12 months after the date of the modification to apply for a new mortgage. The Modification is going to appear as a partial payment – and most of the folks we talk to also have past due mortgage payments prior to getting a modification.
We do not “normally” suggest that people work with a modification company – however, if you are considering this type of transaction, we can recommend some guys that have a good track record! The problem with the Modification process is that it is like getting a Short Sale Approved – it takes a long time. It takes persistence, and you will need to understand the rules.
Call us. Steve and Eleanor Thorne at 919-649-5058 – or Connect With Us on Facebook
Loan modification companies beware. Nice post and I want all to know the government is on the hunt for loan mod companies.
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