President Obama’s administration has just signed into action a brand new Stimulus Bill which dedicates billions of dollars towards keeping families in their homes.
Some of the key points that need to be highlighted in this new Stimulus Bill includes:
Loan modifications in order to keep families in their homes.
Reduced payments so that household’s mortgage payments will be under 33% of income.
Tax rebates for new first time home buyers.
The message is clear, our Government wants to keep us in our homes and not go through the embarrassing events of being put into foreclosure. With this kind of money on the table it doesn’t make any sense not to react to this great news because this could mean possibly staying in your home and not having to be evicted.
The key to getting this modification is working with your lender to get your terms of your mortgage re-modified to more agreeable terms. This may come in as reduced monthly payments, or even a reduced interest rate. These banks and lenders are encouraged by this new Stimulus Bill to work with you, they are being asked to be on your side and the Government will make sure that they are willing to do so.
But you won’t be able to get anywhere when talking to your bank or mortgage holder if you don’t show them your situation. The best way to let a lender know about your situation is to write them a hardship letter, with this hardship letter the lender will be able to judge your situation and in turn work with you to make your loan more conforming and repayable.
Colorado Bankers Association President Don Childears says:
He encourages homeowners who are having trouble making mortgage payments to contact their banks.
“Details do matter,” he said. Writing a letter detailing the situation can make a big difference, he said.
Childears says the worst thing a homeowner can do it not communicate with his or her bank.
Get Your Stimulus Bailout Check Today
I have put together a wonderful guide to help you get started in writing your hardship letter, with this guide I will show you strong key phrases to use that will help bankers listen to what you have to say and help you get your loan modified.
