San Diego, CA (1888PressRelease)
December 16, 2008 - A new streamlined loan modification program has been announced recently to help borrowers who are in trouble receive affordable mortgages. The program is structured in a way to help the highest risk first; three payments or more missed, owner occupier of the property as a primary residence, and someone who has not filed for bankruptcy.
The new loan modification program is considered to be the fast-track method of mortgage restructuring. An affordable mortgage is currently being defined as the first mortgage payment not greater than thirty-eight percent of the household’s monthly gross income. This will include any homeowner’s association dues. The restructuring could come in a number of ways; extending the length of the loan, reducing the mortgage’s interest rate, or a new loan, or a combination of the three.
“Over the past months the numbers of people falling into foreclosure is like something I’ve never seen before,” states Mark Brough, President of Veritus Funding. “It’s great that people considered to be at high-risk are being taken care of first. The other struggling borrowers, although certainly important, are going to benefit from what we learn going forward with this program. I think we’ll see it’s going to get easier and easier to do with each loan modification.”
The Department of Real Estate has approved just over twenty-one companies to perform these loan modifications in California. Their goal is to create a more affordable mortgage payment.
Veritus Funding’s Loan Modification program is available in all of California. For more information call Veritus Funding at 1(888) 563-5275 or visit Veritus Funding’s website: veritusfunding.com
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