If you’re having a hard time keeping up with your payments, there may be a solution for you. According to Bank of America, with the Home Affordable Modification program you may be able to reduce your monthly mortgage payment to as low as 31% of your gross income. This program, which is part of the federal government’s Making Home Affordable initiative, aims to help people keep their homes, despite financial hardship. If you’re going through a difficult time – maybe you’ve lost your job, had a medical emergency, or perhaps you’re getting divorced – this program may provide you with the ability to stay in your home.
Even if you’ve already missed a payment, the Home Affordable Modification may still be able to help you. With Bank of America’s guidelines, you may qualify for the program if:
-Your home is your primary residence
-Your mortgage was taken out before January 1, 2009
-Your first mortgage is equal to or less than the following amounts:
- $729,750 for 1 unit
- $934,200 for 2 units
- $1,129,250 for 3 units
- $1,403,400 for 4 units
-Your monthly mortgage payment is more than 31% of your gross (pre-tax) monthly income
You don’t have to worry about any qualifying credit checks, and many financial institutions are working to make the process as easy as possible. Bank of America is working to make this program as available as possible, and you can learn more about it here.
My past clients have benefited from my extensive market knowledge, enthusiasm for presenting property and commitment to managing their needs – and I’m here to help you with the same. After establishing your Real Estate goal, executing your transaction becomes my responsibility 7 days a week, and I work hard to maintain a clear path of communication with every one of my clients. Contact me today to see how I can help you buy or sell your home. Call me direct at 617-304-1277 or e-mail KevinCleary@remax.net.