With all the government money available to help individuals caught in a bind with their mortgage, there are a few different options to consider. A mortgage grant is not one that has been getting a lot of attention lately, but can be an excellent option to consider. These grant programs provide as much as $20,000 in cash that never has to be paid back, and it won't affect your credit score like a modification can.
TAXES- The first category the making home affordable program stimulus package includes is taxes. Tax breaks to be exact. These tax breaks include categories like: families that send a child to college, buy a new car, purchase a first home or put money into making a current home more energy efficient. Many workers can expect to see $13 increases in their weekly paychecks beginning in June 2009 from a tax credit. In 2010 the tax credit will still be present but reduced to about $7.70 per week. More low income families will be extended the $1,000 child tax credit. These are families that don't make enough money to pay income taxes. Also, poor families with three or more children will receive an expanded Earned Income Tax Credit. Our tax dollars hard at work! Middle-income and wealthy will no longer have to pay an Alternative Minimum Tax which was designed 40 years ago and no longer serves its original purpose.
Ideally the processing time for an application in the mortgage company is around 24 hours. After this, the bank would contact you. They may ask for some more papers, details or may be they just want to talk to you about your application. More or less now the ball is the bank's court. It is your duty to give them all the papers & required details as soon as possible. Make sure that before the meeting you are ready with all relevant information like debt income ratio, your current income & expenditure, the amount you can pay as the monthly payments, etc. Once you are through with the interview, the bank may take 3 to 14 days depending on their internal procedures.
Making Home Affordable Program and Home mortgage grants have been around for a long time, but there is very little advertising or discussion about these programs. In the past it has been a bit of a secret as to where to find these grant funds and apply for them. That's because they are typically provided by state and local governments, which do a poor job of advertising.
In case their answer is no, you can meet the lender and try to renegotiate. Here the process can get longer. But it follows the similar steps as mentioned above.
TAXES- The first category the making home affordable program stimulus package includes is taxes. Tax breaks to be exact. These tax breaks include categories like: families that send a child to college, buy a new car, purchase a first home or put money into making a current home more energy efficient. Many workers can expect to see $13 increases in their weekly paychecks beginning in June 2009 from a tax credit. In 2010 the tax credit will still be present but reduced to about $7.70 per week. More low income families will be extended the $1,000 child tax credit. These are families that don't make enough money to pay income taxes. Also, poor families with three or more children will receive an expanded Earned Income Tax Credit. Our tax dollars hard at work! Middle-income and wealthy will no longer have to pay an Alternative Minimum Tax which was designed 40 years ago and no longer serves its original purpose.
Ideally the processing time for an application in the mortgage company is around 24 hours. After this, the bank would contact you. They may ask for some more papers, details or may be they just want to talk to you about your application. More or less now the ball is the bank's court. It is your duty to give them all the papers & required details as soon as possible. Make sure that before the meeting you are ready with all relevant information like debt income ratio, your current income & expenditure, the amount you can pay as the monthly payments, etc. Once you are through with the interview, the bank may take 3 to 14 days depending on their internal procedures.
Making Home Affordable Program and Home mortgage grants have been around for a long time, but there is very little advertising or discussion about these programs. In the past it has been a bit of a secret as to where to find these grant funds and apply for them. That's because they are typically provided by state and local governments, which do a poor job of advertising.
In case their answer is no, you can meet the lender and try to renegotiate. Here the process can get longer. But it follows the similar steps as mentioned above.