Avoid foreclosure with home mortgage modification programs in Virginia
Home modification programs in Virginia are helping homeowners struggling to make mortgage payments. If you are one of these homeowners, these programs can help you modify your home loan and avoid foreclosure.
Thanks to home mortgage modification programs, Virginia residents who have experienced a drop in income, change in circumstances or have seen the value of their property fall need no longer fear losing their homes.
The Making Home Affordable ( MHA ) program has a number of options for mortgage modification in Virginia. Which particular program is best depends on your individual circumstances. If you're struggling with high mortgage payments but are unable to refinance because the value of your home has fallen, you may be able to apply for the Home Affordable Refinance Program ( HARP ). Only homeowners with a good payment history and a loan-to-value ratio of 80 percent or more may apply for this program.
If you're unemployed, you may qualify for assistance under the Home Affordable Unemployment Program ( UP ). If you meet all the necessary criteria, this program can reduce your monthly mortgage payments to no more than 31 percent of your available income. In some instances, it may be possible to have your entire mortgage payments suspended for 12 months or longer. Applicants must be unemployed and eligible for benefits and can owe no more than $729,750 on their property.
If you're working but struggling financially, you may be able to take advantage of one of the most common home mortgage modification programs for Virginia homeowners. By refinancing an existing mortgage to payments better suited to your available income, the Home Affordable Modification Program ( HAMP ) can remove the threat of potential foreclosure.
In order to qualify for the home mortgage modification programs in Virginia, you will need to prove that you're in financial hardship. This typically means providing tax returns for the past two years along with 60 days worth of bank statements and recent wage slips. You'll also need to provide details of any savings or investment accounts and pensions or retirement funds. You may also be required to write a letter outlining the background of your financial hardship, such as loss of employment, divorce or serious illness.
If you've already received a HAMP modification, you may also qualify for the Second Lien Modification Program. You can't have missed more than three consecutive monthly payments on the existing modified mortgage or had certain felony convictions in the past 10 years.
RealtyNow is a great resource for mortgage lenders knowledgeable about refinancing. If you qualify, the home mortgage modification programs in Virginia property can help you save your home and avoid foreclosure.