Home mortgage modification programs in Oklahoma provide ways you can avoid foreclosure, refinance your home loan or reduce your mortgage payments.
These options are available through the federal government and private lenders. Often, your mortgage lender will work out a new mortgage if you are struggling to make your payments. In some cases, your unpaid mortgage payments can be added to the end of the loan and the loan can be re-amortized. In other instances, the lender will lower your interest rate or mortgage payments, either temporarily or permanently.
Lenders will also lower rates and payments through the Making Home Affordable ( MHA ) programs. There are many ways you can get an Oklahoma home loan modification through MHA, you will want to look at solutions for your specific situation here.
The two biggest arms of MHA are the Home Affordable Modification Program ( HAMP ) and Home Affordable Refinance Program ( HARP ). Lenders get cash incentives when they do Oklahoma home loan modifications through these programs.
To qualify for HAMP, you must prove financial hardship such as if you are employed but still struggling to make your payments. The home you need help paying for must be your residence as well. If you are eligible for HAMP, you may also be eligible for the Second Lien Modification Program (2MP), which reduces your second mortgage.
HARP can help you get an Oklahoma loan modification if you are not behind on payments but cannot get traditional financing. Your mortgage must be backed by Freddie Mac or Fannie Mae and issued before May 31, 2009.
Additionally, there are many Oklahoma homeowners who are veterans and can get help from the Veteran Affairs Regional Loan Center in Houston. This agency can help you save your home or sell in pre-foreclosure to preserve your credit.
Despite all these federal programs, lenders are sometimes reluctant to work with homeowners. The state of Oklahoma has set up a fund to help you pay for legal assistance if your lender is not willing to work with you. The Resolution Oklahoma program was created with money the state received from a mortgage settlement with five major mortgage lenders.
Although the economy is improving, many homeowners are still fighting to keep their houses. Possibly, these home mortgage modification programs in Oklahoma can help. If you want to talk with lenders about refinancing, RealtyNow can connect you with mortgage lenders in your area.