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If the borrower is not approved for a making home affordable program modification because the transaction failed the NPV calculations, then the servicer must, explain what the NPV means tell you the factors used to make the NPV decision and advise you that you may request the values used in making the calculations along with the date the process was completed within 30 days of the notice of denial. and dates. The reason they have to provide this information to you is to give you the opportunity to make any necessary corrections to the values they used as they make or break your ability to be considered eligible for the Home Affordable Modification Program.
Equity is how [link widoczny dla zalogowanych] much of your mortgage loan you have paid off. HOPE for Homeowners requires those who refinance [link widoczny dla zalogowanych] under this plan to split their equity with them when the house is sold. If you sell your house within the first twelve months of refinancing the FHA gets all of the equity. If you sell it after five years they get half. This plan can be accessed until September 20, 2011 through the FHA.
Learn more about Obama Mortgage Relief Plan Qualifications.
If your hard times are due to the economic recession in the United States, you are in good company. A lot of people are having trouble paying their mortgages and there are [link widoczny dla zalogowanych] two things they can do in reaction to this. They can modify their loan using the MHA plan or they can check out [link widoczny dla zalogowanych] FHA refinancing. What one you choose is dependant on who insures your mortgage loan. If you do not know who this is, call your lender and ask.
Where you told that you were denied for the HAMP Loan Modification because you failed the NPV calculator and you are wondering what that means?Most borrower have no idea what an NPV calculator is and don’t have a clue why [link widoczny dla zalogowanych] they failed it. Here is the Definition of NPV as it relates to Home Affordable Modification Program: The “NPV Test” (NPV is “net present value”) is a formula used to determine your eligibility for a loan modification under the HAMP Program. The purpose running [link widoczny dla zalogowanych] an NPV [link widoczny dla zalogowanych] calculation test is to decide if the [link widoczny dla zalogowanych] investor [link widoczny dla zalogowanych] of your mortgage is in a better profit position by approving you for a modification (basically which choice gets more money to their bottom line) or if they would have a higher profit margin by allowing the property to foreclose.
If Frannie Mae or Freddie Mac insures your loan, [link widoczny dla zalogowanych] the MHA will handle your loan modification. If [link widoczny dla zalogowanych] you are paying 31% or more of your gross monthly income on your mortgage, you are able to apply for a loan modification to get your mortgage payments reduced to something you can afford. There is a set procedure for a loan modification. They begin by reducing interest rates until they hit 2%. When a lender approves a loan modification, they get an incentive payment from the government as a reward. Borrowers are also given an incentive if they pay their modified payments on time. They also [link widoczny dla zalogowanych] get to keep their house.
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