Yamaha Star V-Max

Yamaha Star V-Max
A loan modification is either a temporary or permanent change to your current note or terms of your loan. Some banks will only perform a temporary modification lasting up to 18 months, however with the new HAMP program many lenders are participating and making permanent changes to the existing terms on your loan. So it is different than a refinance because you are not originating a new loan to replace the existing loan. The existing loan terms are modified by your current lender to meet your current circumstance.

MODIFIKASI Yamaha V-Max

MODIFIKASI Yamaha V-Max

What are the guidelines then for homeowners to qualify in receiving a modification? There are five main qualifying elements in receiving a modification:

1st - Is this your primary residence or is the home owner occupied? If so, you potentially qualify.
2nd - Is your home valued less than $729,750? If so you potentially qualify.
3rd - Was your home originated before January 1, 2009?
4th - What financial hardship are you currently experiencing? Without a financial hardship banks/lenders will most likely not consider you for a modification. A hardship can be either unemployment, reduction or decrease in income, divorce, etc...
5th - Is your current mortgage payment greater than 31% of your gross income

Yamaha V-Max

Yamaha V-Max

A loan modification has actually been around, in-house, with the majority or the lending institutions, however they have never been permanent. In March 2009, the Federal Government introduced HAMP, or Home Affordable Modification Program. If you haven't researched the possibilities and the qualifications for receiving a modification with your lender the process of receiving may be frustrating and discouraging. By learning more about the requirements specified within HAMP, you then will be able to present your situation in the best light possible.