Refinance Mortgage Options

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Refinance mortgage options for home owners are looking up thanks to the new Obama $75 billion Homeowner Affordability and Stability Plan announced to the world. If you are behind on your mortgage, facing foreclosure or just finding it a struggle to make you payments you may have options to help with your refinance mortgage options or you mortgage payments.

In this article I will talk about payment plan options. Keep in mind that every lender is different and may require additional information to offer you a mortgage refinance or loan modification. Most lenders are using a dept to income approach to qualify home owners for their modification programs.

Payment Plans

If you are plans are agreements between you and your mortgage lender that can bring your mortgage current. If you have fallen behind because of job loss, sickness, or reduction in income a payment plan maybe right for you.

The idea with a payment plan is to let the home owner get caught up on his mortgage payment by paying back the past due amount over time. It allow the home owners to become current on his mortgage by paying the current monthly mortgage amount and making small payment on the past due amount over time.

Your lender may have a repayment plan of 4, 6 or 12 months. This plan may be ideal for someone who is no more than one or two payments behind and the sooner you contact you lender the better. It is always best to call you lender the minute you realize that you are having a problem with your mortgage payment.

Loan Mortgage Options Paper Work

Some of the items you lender will request from you to start a mortgage refinance or loan modification will be a load modification package. It is best to start gathering these papers and have them prepared to fax to your lenders loss mitigation department or loan counseling department.

Have your current mortgage statement available, do an monthly expense report or total household expense and income. I will provide that document her on this page. Most banks require two months bank statements, 2007 & 2008 tax returns, most current months paycheck stubs, hardship letter, and any other documentation of income received.

References:
HUD - Guide To Avoiding Foreclosure
Help For Home Loans
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