First Franklin Loan Modification Calculator Calculate Your New Mortgage Payment
Need a First Franklin loan modification? Try this new loan modification calculator to see if you are a good candidate and to calculate your new monthly payment.
The calculator runs off of the Obama Mortgage Plan guidelines. This will cap your monthly payment at 31% of your net monthly pre tax income.
There are several ways this is accomplished. The most common way is by lowering your interest rate. This can be lowered all the way down to 2% if necessary. If that does not get your payment low enough, then your terms will be extended.If you have a 30 year mortgage, your term can be extended to 40 years and thus further reduce your monthly payment. The final way to lower your monthly payment is by a principal reduction. This is not very common.
The plan works in the order that I just described. So, your lender will first try lowering your interest rate and then if necessary move on to extending your terms, etc. In most cases, lowering the interest rate and/or extending the terms will bring your mortgage payment low enough to meet the 31% cap.
Also, if you are way late on your mortgage payments (months and months) and you get approved for this program, your lender cannot foreclose on your for 90 days. This gives more than enough time to complete the modification and save your home.
When you have the right ratios in place and call your lender, these modifications can be completed in a very short amount of time. Sometimes we see approvals with the first phone call. The whole modification can be completed in a week or two in some cases as well.
The financials are the biggest reason most homeowners cannot get approved for a loan modification on their own. You have to have a strong knowledge of your lenders current guidelines and work out the financials far in advance to calling your lender. There is definitely a trick to getting these approved.
To use the GMAC loan modification calculator and find out what your new payment would be, just visit the links below. If you would like a free consultation or some assistance in getting your loan modification approved, you can also fill out our quick form for a free consultation. We offer our services with no upfront fees, so you will only pay for successful modifications. We have affordable fees for our services as well.
