راهنمای مصرف‌کنندهٔ ABA برای اصلاح وام مسکن: چگونه پرداخت‌های وام مسکن خود را با برنامهٔ اصلاح وام مسکن قابل‌تحمل کاهش دهیم

Many homeowners seeking to refinance their mortgages and reduce their monthly payments may be unaware of the federal Home Affordable Modification Program which provides incentives to lenders to modify home loans. The program is geared for homeowners who are under financial duress, owe more on their mortgage than their homes are worth, or are facing foreclosure. The ABA Consumer Guide to Mortgage Refinance explains the benefits, qualification requirements, and the process for participating in the program. Many lenders do not fully understand the program and do not offer it to their clients. As a result, some homeowners are turned down, even though they may have qualified under the program. The book will empower readers with the knowledge to discuss the program with lenders, stand up for their rights under the program, and obtain the most favorable refinancing terms possible. The federal Home Affordable Modification Program, enacted in 2012, provides a set of rules that gives financial incentives to mortgage providers to modify the loans of eligible borrowers so that their monthly payments do not exceed 31% of their monthly income. It was designed to help homeowners under financial duress to stay in their homes. The program is complex and not always perfectly understood by mortgage providers. The Consumer Guide to Mortgage Modification provides homeowners with simple and complete reference when working with lenders under the program. Step by step, it explains what a homeowner needs to know and do to get a loan modification. Homeowners will learn the qualification rules, determine how much they can lower their payments, and assess if their lender is following the rules and using the program effectively. In addition, the book provides homeowners with questions to ask their lender, forms, grids, and worksheets. Knowledge is power and The Consumer Guide to Mortgage Modification gives consumers the knowledge they need to effectively negotiate with their lender and get the most favorable terms possible.