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Department Of Treasury Home Affordablity Modifaction Program for Irving Texas

Posted by OReilly and Associates in Dallas-Fort Worth-Arlington, TX on Apr 11, 2009

Pat O'Reilly - Irving Texas Realtor, Irving Real Estate Agent

New Guidelines to help homeowners from going into foreclosure!! Patohomes.com is the place to find all the answers to your Irving Texas real estate questions. There are hundreds of Real Estate Companies and offices to choose. It can be a confusing place for veterans, as well. Because of the overwhelming need for experience and expertise in the industry, it is vital that your choice in a Texas realtor or real estate agent in Irving, be the right choice. How do you know that you are making the correct decision? Go to www.patohomes and make the Right Move but only if you deserve the best and want to be treated as more than a number.

Home Affordable Modification Program Guidelines
March 4, 2009

Trial loan modifications consistent with these Guidelines may be offered to homeowners beginning on this date, March 4, 2009, and may be considered for acceptance into the Home Affordable Modification Program upon completion of the trial period and other conditions. These Guidelines, however, do not constitute a contract offer binding on the Department of the Treasury.
Program Elements Described in the Guidelines
Monthly Payment Reduction Cost Share:
Treasury will partner with financial institutions to reduce homeowners’ monthly mortgage payments. The lender will have to first reduce payments on mortgages to no greater than 38% Front-End Debt-to-Income (DTI) ratio. Treasury will match further reductions in monthly payments dollar-for-dollar with the lender/investor, down to a 31% Front-End DTI ratio for the borrower.
Servicer Incentive Payments and Pay for Success Fees:
Servicers will receive an up-front Servicer Incentive Payment of $1,000 for each eligible modification meeting guidelines established under this initiative. Servicers will also receive Pay for Success payments –as long as the borrower stays in the program – of up to $1,000 each year for up to three years.
Similar incentives will be paid for Hope for Homeowner refinances.
Borrower Pay-for-Performance Success Payments:
Borrowers are eligible to receive a Pay-for-Performance Success Payment that goes straight towards reducing the principal balance on the mortgage loan as long as the borrower is current on his or her monthly payments. Borrowers can receive up to $1,000 of Pay-for-Performance Success Payments each year for up to five years.
Current Borrower One-Time Bonus Incentive:
One-time bonus incentive payments of $1,500 to lender/investors and $500 to servicers will be provided for modifications made while a borrower is still current on mortgage payments. The servicer will be required to maintain records and documentation evidencing that the Trial Period payment arrangements were agreed to while the borrower was less than 30 days delinquent. The servicer must comply with any express pooling and servicing contractual restrictions for modifying current loans.
To see the entire guidelines..simply click on guidelines.

Need a good Real estate agent and Realtor in Irving. Go with an agent that knows the area and will SERVE you. Not all Realtors and Real estate Agents are equal. Some know the business but have unbelievably bad Customer Service skills. I have spent my life in the customer service business. I am appalled at what some agents think customer service is. You need to go with an agent that knows the business and knows great customer service. Are you tired of being treated like a number. Are you tired of being talked down too..pressured into things you do not want to do..getting vague answer. Don't you deserve the best???