HAMP Tier 2 Loan Modification Program Allays Underwater Homeowners' Fears

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Madison, WI -- (SBWIRE) -- 10/26/2012 -- The HAMP tier 2 loan modification program revamped by the federal housing association is an all-out final attempt to stabilize the home market in America. The program has met with widespread welcoming approval as a good way to help the distressed families. Homeowners with underwater homes with huge negative equity no longer need to abandon their homes. Abandoning a home brings disgrace to the neighborhood and real estate values plummet. What this program aims at is the wide American populace whose mortgages are not guaranteed by either Fannie mae or Freddie mac. These homeowners had no chance to refinance into a loan modification to ease their financial situation.

The HAMP tier2 loan modification program Guidelines predicts this program to be the government’s largest initiative on the national scale. There is little doubt that all the distressed homeowners will strive to benefit from it. Time will tell whether it becomes a success to deal with this century’s worst financial crises. The expanded Home Affordable Refinance Program HARP 2 also known as the tier 2 program is here to ease homeowner’s worries whose homes are underwater. The large negative equity makes them a liability no lender would like to get close to. The tier 2 program has done away with the 125% LTV cap on underwater homes. Homeowners who are seriously upside down on their mortgages have got a golden opportunity to be able to refinance with an affordable loan modification.

About 11 million upside down borrowers of which 6.7 million first liens, and 4.4 million with both first and second liens with an LTV of more than 140 per cent can benefit from the HAMP Tier2 Loan Modification Program Guidelines. When the removal of the 125 LTV cap removal alone is considered about 22 million American homeowners are expected to benefit. All the basic requirements for a loan modification have been done away with the hamp tier 2 program.

The guidelines for refinancing their loans are very generous with few limits on LTVs or minimum credit scores. This means that many mortgage firms can refinance their client’s homes with the tier 2 program. This is possible as the government has made a financial settlement to help the lenders and mortgage servicers. This simply means believing an unbelievable situation of a lender approving a condo owner in Florida with an LTV of 180% and an average score of 600.

Persons Who want to Qualify for HAMP Tier 2 Loan Modification Program Request More Information On Loan Qualification By Visiting Obama-LoanModifications.com

The HAMP tier 2 loan modification program is fully committed to succeed in lowering the borrower’s mortgage payments. The program if carefully implement promises to help a large number of homeowners. The lenders who have agreed to the government settlement to take care of the cost difference can help the homeowners of existing residential mortgage loans refinance into affordable payments. The uniform guidelines of the program are a great incentive for lenders to accept all homeowners irrespective of their situation. Over 90 per cent borrowers need not worry about refinancing with someone other than their current mortgage servicer for affordable payments.

About Obama-LoanModifications
Obama-LoanModifications provides detailed information on matters related to HAMP tier 2 loan modification program and all types of mortgages and helps with lowest fixed rate mortgage for borrowers willing to offer their homes as collateral. A team of attorneys work especially on the mortgage underwriting to assure good loan terms.