Modifying Your Mortgage Just Got Easier

If you have not yet heard of the Streamlined Modification Initiative, you certainly will soon. This new program, which will be effective on July 1, 2013, makes the mortgage modification process easier for many borrowers who are behind. In the past, mortgage borrowers who were pursuing modification had to provide extensive documentation of household income as justification for the modification. This new program simplifies the process, eliminating the household income consideration as part of the decision-making process. This is an important change, because the income verification process used in the current system has often been found overwhelming and sometimes difficult to complete.

Instead, servicers now are able to offer modification to borrowers simply based on the loan qualifications, including at least an 80 percent loan-to-value ratio and a delinquency of nine to twenty-four months on their mortgage payments. These modifications offer borrowers the opportunity to extend their mortgage, which will reduce the monthly payments to a more manageable amount for many people. Borrowers who are currently working out other negotiations or have already modified their mortgage will not qualify.

In California, you can reach out to Avis Lending if you have questions about this new program or any other home financing needs.

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