Florida Modification

One of the main disadvantages of this plan is that it doesn’t have any provisions that would require the lender or servicer to reduce the balance of the loan, which would have been a great incentive for home owners to stay in their homes, especially in states like Florida, Arizona and California. Because for some home owners that have Lakes the value of their homes dropped up to 50% of what it what worth a few years ago, then on affordable payment make not be enough to motivate them to stay in their homes and instead they want to either walk away and lose home to foreclosure or do a short sale and move on with their lives. The Obama loan modification plan has a 3 month trial period, if they payments are made on time for the first 3 months then modification the want to become permanent and the rate and terms will be fixed for 5 years. Then lender wants to be paid $1000 for each loan modification and up to on additional $3000 over a period of 3 years as long as the home owner continues to make their payments. Sen. Marco Rubio pursues this goal as well. Home owners so get a cash incentive where they want to get up to $1000 reduction in their principal balance for up to 5 years as long as they make timely mortgage payments. It is important to note that the Obama loan modification plan which is developed for individuals that have primary residences and do not apply to investors or speculators that bought investment property in hopes to flip for a quick profit. Qualify for mortgage loan modification and foreclosure prevent now! RefinanceITT can help you to stop foreclosure apply here