John M. McAuliffe & Associates, P.C. works with residential and commercial property owners in Massachusetts and surrounding areas to renegotiate and revise mortgage loans. If you are a homeowner that is having trouble making your monthly mortgage payments or are already delinquent, we may be able to help.
The recent economic crisis has contributed to hardships that millions of homeowners are currently facing. Delinquent mortgage payments can be caused by an array of factors such as: loss of income, change in household financial circumstances, increase in monthly mortgage payment, unforeseen expenses, insufficient savings to maintain mortgage payments and cover basic living expenses, excessive monthly debt payments, or other troubles.
A loan modification is a change in the terms of a Borrower’s loan, allows the loan to be reinstated from default, and overall, results in more affordable monthly payments. Mortgages are modified in one or more of the following ways:
- Interest rate reduction
- Principal reduction
- Fee/Penalty reduction
- Term extension
- Cap Modification
- Principal Forbearance
Whether you are current or late on your payments, already in default, facing foreclosure, or have filed for bankruptcy, there may be a solution to help improve your situation.
- Some of the programs currently offered:
- Making Home Affordable (MHA)
- Homeowner Affordability and Stability Plan
- Home Affordable Modification Program SM (HAMPSM)
- Principal Reduction Alternative SM (PRA)
- Second Lien Modification Program (2MP)
- FHA Home Affordable Modification Program (FHA-HAMP)
- Home Affordable Foreclosure Alternatives Program (HAFA)
- Home Affordable Refinance Program (HARP)
- FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
- Home Affordable Unemployment Program (UP)
In-House Loan Modification Programs:
- Almost every lender has their own modification program that is approved within their own guidelines.
- These in-house modifications are often very similar to the government programs described above.
- Many borrowers that are unable to receive a modification through a government-funded program can apply for a loan modification through their current lender.