When Modification is Denied
Not every loan will qualify for the making homes affordable modification program initiated by President Obama. The loan must be owned by Freddie or Fannie. There are mortgage companies that will not disclose that your loan is backed by or owned by Freddie Mac or Fannie Mae, and may just advise you that you were denied the modification without providing you a reason. This is something you will have to be specific about and ask them. If your loan does not meet the given criteria, then you will need to ask about in-house modification or other options available to you from your mortgage company. If you are turned down for an in-house modification, the alternative is to work fast on paying off debt, increasing income and whatever else your mortgage company will recommend you to do to save your home.
Since foreclosure is not an option, then consider a quick sale as a last resort. This will allow you to save your credit as well as allow you to purchase another home when your finances are in right standing.
It is truly amazing how these corporations can receive a bail-out for allowing this housing hardship to happen in the first place, but the people of this country can only receive refinancing if they qualify.
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One Response to “When Modification is Denied”
A common refinancing for the consumers is the home mortgage!