Tennessee foreclosure residential properties have reached to over 24,000 according to RealtyTrac, a California-based firm that records foreclosure activities in the United States. The trend has been causing a lot of trouble to borrowers that the federal government has made a program in order to give help for homeowners living in the hardest hit areas such as Tennessee.
The most sensible way to obtain genuine advice is to talk to a HUD-approved counselor. The counselor will offer authentic information about the help programs and how does a person qualify. They'll know everything that is available after discussing the loan takers situation. To make use of the benefits of the programs offered by the government, a person must ensure that he or she is eligible for it. Some conditions for eligibility are discussed below.
In order to repay the loan, you may use your federal tax refund and repay before June, 2011. If you are unable to pay after the due date, an interest rate of 1 percent will be added on your regular monthly payment which must be paid within the period of ten years. Make sure that debts are paid otherwise; your THDA Stimulus Loan will be in default.
Only those homeowners with a conforming loan securitized or having possession of by Freddie Mac or Fannie Mae are eligible. Moreover, the government help with mortgage is only provided if the first mortgage on the home does not exceed 105% of the current market value of the property. Homeowners must be residing in the home that is to be refinanced and it must be their primary address. Also, the house must be a one to four unit property and the borrowers must have enough income to make payments on the new loan terms. The homeowners should stay on guard regarding scams associated with government help with mortgages. There are many fake organizations who may ask for money in exchange for counseling service or changes in the delinquent loan. It should be noted that assistance from a Department of Housing and Urban Development (HUD)-approved housing counselor is absolutely free of cost.
Beware of people who by saying that they provide mortgage help program, make you sign papers immediately. These fake agencies may also convince a distressed homeowner into believing that they can save his home by signing or transferring the deed to the property or any organization. No such deals should ever be signed nor should mortgage payments be made to anyone other than the mortgage company.
The most sensible way to obtain genuine advice is to talk to a HUD-approved counselor. The counselor will offer authentic information about the help programs and how does a person qualify. They'll know everything that is available after discussing the loan takers situation. To make use of the benefits of the programs offered by the government, a person must ensure that he or she is eligible for it. Some conditions for eligibility are discussed below.
In order to repay the loan, you may use your federal tax refund and repay before June, 2011. If you are unable to pay after the due date, an interest rate of 1 percent will be added on your regular monthly payment which must be paid within the period of ten years. Make sure that debts are paid otherwise; your THDA Stimulus Loan will be in default.
Only those homeowners with a conforming loan securitized or having possession of by Freddie Mac or Fannie Mae are eligible. Moreover, the government help with mortgage is only provided if the first mortgage on the home does not exceed 105% of the current market value of the property. Homeowners must be residing in the home that is to be refinanced and it must be their primary address. Also, the house must be a one to four unit property and the borrowers must have enough income to make payments on the new loan terms. The homeowners should stay on guard regarding scams associated with government help with mortgages. There are many fake organizations who may ask for money in exchange for counseling service or changes in the delinquent loan. It should be noted that assistance from a Department of Housing and Urban Development (HUD)-approved housing counselor is absolutely free of cost.
Beware of people who by saying that they provide mortgage help program, make you sign papers immediately. These fake agencies may also convince a distressed homeowner into believing that they can save his home by signing or transferring the deed to the property or any organization. No such deals should ever be signed nor should mortgage payments be made to anyone other than the mortgage company.