Bailout: Who is eligible for help?
By The Blue Team, Working Twice As Hard For You!
(Windermere Real Estate/HLC)
Lots of articles, lots of talk about the bailout - are you still confused as to whether you are eligible for help? Here is a quick summary for your reference. FHA Plan (This applies if you have FHA financing through any number of lenders) Lenders will modify interest rates or forgive a portion of your principal, to bring the ratio of mortgage payments (including HOA dues) to 38% of your income.To be eligible you must: Have a loan on a primary residence that was made before Jan. 1, 2008. Contact loan servicers and cooperate on supplying need information. Be at least 90 days behind on payments. Not have filed for bankruptcy protection. Certify that a hardship, such as job loss or illness, has affected your ability to repay Certify that you did not purposely default to get a loan modifi...
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