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Home Mortgage Relief

Usually if something seems too good to be true, it is. However, under a new Streamlined Modification Initiative, announced by the Federal Housing Finance Agency, mortgage service officers are required to offer borrowers who are 3 to 24 months delinquent a plan to avoid foreclosure.
Notice of eligibility will be coming by mail, so if you qualify, don’t throw this offer in the trash. You can be approved without even showing financial hardship.
If you receive a mailing about the “Streamlined” program you will also receive information about the Home Affordable Modification Program (“HAMP”). The HAMP program might be advisable as the payment is based on 31 percent of gross monthly income.
The good news is, sometimes there is news that seems too good to be true; this is one of them.

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