Lower your monthly payment through several home mortgage modification programs in Wyoming.
If you are a Wyoming homeowner facing foreclosure, there are several home mortgage modification programs in Wyoming that can help you afford your monthly mortgage payments. Banks and mortgage lenders do not want to foreclose on homes because foreclosure is expensive and time-consuming–they would much rather help you repay your loan. Plus, the federal government has many programs that reward lenders for helping you.
Home Affordable Refinance Program (HARP)
HARP can help you modify your loan for payments that better-fit your monthly budget. To qualify you must be current on your loan and have been in good-standing with the lender for the past year. This is a popular option for homeowners who cannot get traditional refinancing because they owe more on the loan than the house is worth.
Home Affordable Modification Program (HAMP)
Another one of the most utilized home mortgage modification programs in Wyoming is HAMP. This program allows your lender to modify the terms of your loan to no more than 31 percent of your total household income. In order to qualify for this program, you must be able to prove your financial hardship and your ability to make the reduced payments.
Principal Reduction Alternative (PRA)
Finally, the PRA is designed to lower monthly payments. To be eligible for this program, you must owe more on your loan than your house is worth. In addition, you’ll have to prove financial hardship and the ability to make the reduced payments. To be a candidate for this program, your current monthly house payment must exceed 31 percent of your monthly income.
Mortgage modifications in Wyoming help homeowners with financial difficulties avoid foreclosure and stay in their homes. If you qualify for a traditional refinance, RealtyNow can connect you with lenders who can lower your monthly payments.