A Mortgage Modification May Help Those Facing Foreclosure

A Mortgage Modification May Help Those Facing Foreclosure

Has your current economic situation had an impact on your ability to afford your home? Have you missed mortgage payments and now the bank is threatening foreclosure? If so, now would be a good time to consider a mortgage modification. Illinois residents whose home loans are controlled by Fannie Mae or Freddie Mac have a particularly good chance at receiving approval to refinance their mortgages.

There are a number of home loan options out there. When you bought your home, your interest rate might have been higher than you would have liked. But at the time it was affordable so you went with it. As closing costs are expensive, you probably stuck out your mortgage payment as is because refinancing was financially out of reach.

The Homeowner Affordability and Stability Plan, which began in 2009, has helped numerous people refinance their mortgages and allow them to keep their homes. As of Jan. 2019, the Home Affordable Refinance Program offered through the Homeowner Affordability and Stability Plan has ended. This does not mean that mortgage modification is out of the question. New refinance options are now available, but there are strict rules as to who may qualify. Legal counsel will have the ability to review your mortgage situation and be able to determine if refinancing is an option available to you.

No one wants to lose their home. Not everyone has to just because they have been hit hard financially. If you are one of the many Illinois residents facing foreclosure there are a number of ways you may be able to avoid it and keep your property — mortgage modification is just one possible option. To learn more about this and other foreclosure alternatives, please take a moment and visit our firm’s website.

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