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In these difficult economic times, many homeowners are finding once manageable monthly mortgage payments are now very difficult, if not impossible to meet. Whether due to job loss or reduced hours, some folks incomes are not where they were when they took out their mortgage. A hardship loan modification may be the right solution for you if you find yourself in a similar situation and need to act now to save your home. This article will review what new laws have passed in regards to loan mortgage difficulties, what eligibility standards were introduced, and how a loan modification hardship letter delivered to a loan modification lender can begin the process to save your home from foreclosure.
In March of 2009, Congress passed the Making Home Affordable Act of 2009. The act had two main parts; it relaxed refinancing requirements so those previously ineligible to refinance may do so under the qualify loan modification section of the code, and it allowed homeowners to work with lenders to create a modification in which the terms of the loan were rewritten to make the monthly payments more affordable. Typically this involved changing the interest rate.
A homeowner can begin the process by requesting, filling out and sending a loan modification letter to a loan modification lender. The lender will research to see if the homeowner qualifies under the act's requirements and then begin the process of creating a modified loan. Generally, the homeowner must reside in the home to meet the loan modification eligibility. To expedite this process, many homeowners have enlisted the help of a foreclosure prevention counselor who can handle all of the filing requirements.
During the review process the lender will request certain, specific information to see if you qualify. You should assemble proof of income for the last year for all income earners in the household who are on the mortgage, proof of residency in the household on the mortgage, and documentation of major changes in income.
Those that meet the guaranteed approval loans for poor credit modification eligibility requirements and are approved may also receive benefits in future years from their loan modification lender such as bonuses for on time payments which can significantly aid the homeowner in paying off their mortgage on time while bolstering their credit score. Improved credit scores will save interest costs not only on future mortgages and home equity loans but also auto and education loans as well.
It is also important to point out that lenders have an incentive to participate under the qualify loan modification section of the program as well as they can receive bonuses from the government for successful poor credit guaranteed loans (
) modifications. A well informed borrower should be aware of this when speaking with your lender as you need to know the benefits of the hardship loan modification extend to the lenders as well.
When you are working with a professional foreclosure prevention counselor on your application, make sure the terms are acceptable to you and are financially possible with your current income, as you may only modify your mortgage once under this program. During the process of modifying your loan you should examine all of your household expenditures and see what may need to be trimmed to meet your new mortgage monthly agreement.
Above all, do not procrastinate when you could be saving your home from foreclosure. Congress passed the new laws to give homeowners like yourself an opportunity to negotiate terms that keeps them in their home. Do not pass up this opportunity! Remember that this opportunity will not be available to you if you lose your home to foreclosure and you want to apply for a new mortgage for a different home, it applies to existing mortgages only!
This program can give deserving families a second chance at staying in the homes they love while stopping further damage to their credit. You owe it to yourself and your family to contact a professional foreclosure prevention counselor who can provide you with free advice on how to begin the process to stop foreclosure. eating a new "installment loans online".
Created at 6/3/2019 4:55 AM by ***
Last modified at 6/3/2019 4:55 AM by ***