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Facing foreclosure? Modify your mortgage, local real estate experts say

WILL BUSS bnd.com
Facing foreclosure? Modify your mortgage, local real estate experts say - Foreclosure - Mortgage - ReMax - United States


Local real estate experts are reaching out to homeowners fearing foreclosure with options to avoid losing their homes.



One new option is to modify your mortgage. President Obama's Making Home Affordable program is attempting to help as many as 9 million U.S. homeowners refinance or modify their home loans. To qualify, mortgage holders must be an owner-occupant of a one- to four-unit property. The loan must have been originated on or before Jan. 1 and has an unpaid principle balance of no more than $729,750 for one unit properties --higher limits apply to multiple units. The mortgage payment must exceed 31 percent of gross monthly income, and the payment is not affordable because of a change in income or expenses.

Gov. Pat Quinn has approved a 90-day grace period for those facing foreclosure to work with lenders and housing counselors to avoid losing their homes.


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