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Lbps Loan Modification
Website about lbps loan modification. Reduce your lbps mortgage payments

Lbps Loan Modification

Thousands of hard up families are suitable for LBPS Loan Modification program. If you are facing difficulties with loan payments due to loss of revenue, revenue reduction or with dismissal, divorce or unemployment or you are facing other difficulties you may participate in LBPS Loan Modification program.

This program may:

  • Reduce your payments up to 50%. This will save you thousands of dollars a year.
  • Low rates and mortgage payments constantly.
  • Abandon negatively accrued interest.
  • Reduce the interest rate to a minimum - 2% and make it fixed.
  • Forgive your past due payments.
  • Give a break from payments for few months.

LBPS Loan Modification program saves your house due to stop foreclosure and allows your family to live in their cherished houses. Also it allows you to take a break from mortgage payments for few months, so you can balance your expenses and resume payments without any serious loss or hardship for your family.

Are you suitable this program?

If you are facing one of these difficulties, or you feel they are inevitable in the near future, you are eligible to participate in LBPS Loan Modification program.

Difficulties can be like:

  • Reduction of income - due to reduction salary, unemployment, layoffs, divorce, etc.
  • Unaffordable Payments - due to high taxes, high and unfixed interest rates.
  • Delay in payments
  • Increase in expenses, health problems, loss in business or difficulties in the family, etc.

To participate in LBPS Loan Modification program:

  1. First, as a homeowner, you have to show that you really have financial difficulties with payments.
  2. Secondly, your house must be checked and assessed for LBPS Loan Modification home owners have to include 1-4 units.
  3. Third, the amount of the house should be (about) $729 000. And this amount is greater for non-commercial houses from 3-5 units.
  4. Fourth, the house must be the primary home for LBPS Loan Modification candidate.
  5. Usually, the subject to LBPS Loan Modification is a first mortgage loan.
  6. Your loan has to be completed before January 1, 2009.

The paper work you'll have to do to participate in LBPS Loan Modification program:

  1. First, you must provide tax or other established statements of income. This will show your level of income.
  2. Second, you may provide statements of:
    • Divorce or separation of property;
    • Change of employment;
    • Loss of income not by your fault;
    • Death one of a spouse;
    • Problems and complications with health.

In addition, to take part in LBPS Loan Modification program the ratio of a debt compares to income should be greater than 31 percent; relevant to your installment payment. Additionally, you should fill only current information about the house.