Aurora loan services is one of the lenders who is approved to offer the Governments “Making Home Affordable” plan. This plan allows homeowners the chance to save their home from foreclosure, or save hundreds of dollars every month through home loan modification. Qualifying is easy, but here are some things you should know when getting a Aurora loan services mortgage modification:
– In order to help ensure Aurora loan service approves your application for a home loan modification, you should make sure all your paper work is in order, completely filled out, and accurate. This way your home loan modification application does not just look like the rest of the incomplete ones which need to be re done.
– Homeowners facing a “financial hardship” such as hospital bills, loss of job, reduced wages, or a whole list of other things which are unavoidable have a better chance of getting approved for a home loan modification from Aurora loan services. This is because a lot of the $75 billion in Government mortgage bailout money will be given to mortgage lenders who approve homeowners who are facing financial problems.
– The home which a homeowner wishes to get a modification for must be lived in as the main residence of the mortgage holder.
– According to the Governments guidelines, after a home loan modification, the monthly mortgage payment must not exceed 31% of a homeowners gross monthly income.