A foreclosure prevention plan for the unemployed can be a useful thing for any person to deal with. The service that 1st Foreclosure Prevention can offer for an unemployed person is especially useful to see. 1st Foreclosure Prevention will be able to reduce the debts that a person has on a mortgage by a substantial level. This is done with the intention of making sure that a person’s debts will be easier to handle.
A foreclosure prevention plan for the unemployed can work through the use of the Home Affordable Unemployment Program. This program, which will go into effect on July 1, 2010, will work to help with making sure that a person’s monthly mortgage payments can be reduced. This will work after the mortgage has gone through a forbearance period. The period will be one that will involve a person dealing with having a few payments on a mortgage delayed without the use of a penalty.
The main feature of this plan is that it is going to work with a loan modification plan. This is where a person will be able to get one’s home made easier to pay off. Terms that relate to the time that would be needed to get a mortgage paid off in can be changed. The interest rate of a loan can be changed as well. Any type of option that involves altering a mortgage loan can be handled in this part of the foreclosure prevention plan from 1st Foreclosure Prevention.
The amount of money that a person can spend on one’s mortgage will be reduced. A person will be able to spend a reduced amount of one’s gross monthly household income to take care of the loan on a monthly basis. This is something that will be done in accordance with HAUP standards. It will be especially useful in the case that a person has to deal with a new job that features a lower salary.
The reduction will be one that is going to make it so that a person will be able to spend less than a third of one’s gross household income to take care of a payment. A plan will work with a deal that involves a person paying off up to thirty-one percent of that income amount.
The exact amount is going to vary by the individual case. In many cases a person will be able to pay much less than thirty-one percent of one’s home income. No matter what happens a person will be able to have a reduced payment for one’s mortgage ready to use.
This is a valuable part of a plan to work with taking care of a mortgage loan. 1st Foreclosure Prevention will be able to work to help with making sure that a person is going to be able to work with an easier type of payment. This can make it so that a person will not have to deal with a difficult time with handling a mortgage in the event that the person becomes unemployed.
Contact : 1st Foreclosure Prevention
[email protected]
Contact No: 302-358-2610
Fax:302-358-2626
http://www.1stforeclosureprevention.com
Address: 3422 Old Capitol Trail, #1371, Wilmington, Delaware 19808
