Mortgage modification program

HOMEOWNERS CAN NEGOTIATE THEIR OWN MORTGAGE MODIFICATION

Learn to do it yourself and Not Pay a Third Party Fee

The new Home Affordable Modification Program (HAMP) that was introduced by the federal government on March 4th, 2009 is an “easy” to follow program. Most homeowners should be able to negotiate their own mortgage modification without paying any fees.

A.I.M. Financial Services, provides homeowners with a do it yourself guide called “AIM-2-Mod” to assist them in modifying their own mortgages. AIM President, Phil Zeman, recently began offering these services after realizing that HAMP is easy to understand and the qualifying criteria is simple to calculate. Zeman stated: “If homeowners will take the time, a little business savvy and the communication skills needed to effectively document and articulate their financial situation, they can successfully negotiate their own mortgage modification”.

There are 3 basic steps to determine if a homeowner qualifies for HAMP, they are as follows:

1. There has to be a financial hardship resulting in a decrease of income or an increase in living expenses that has made it difficult to make their mortgage payment.

2. A budget must be prepared to show the impact of this hardship. This budget will list all average monthly household income as well as the living expenses. The result of this budget must validate the impact of the hardship.

3. The current mortgage payment (including principal, interest, property taxes, property insurances, association dues, if applicable) must exceed 31% of the Gross Household Income.

AIM is available for a free initial consultation by phone or appointment. During this consultation they will assist the homeowner in determining their qualification potential. Additionally, AIM will determine what the homeowner’s potential new mortgage payment could be and if there is an opportunity for a loan balance reduction. Like other mortgage modification companies, AIM does have a fee based program for those homeowners that don’t have the time or desire to process and negotiate their own modification. In addition to have an A+ rating with the Better Business Bureau, AIM is a member of both the United Mortgage Modifiers Association of America and the National Loss Mitigation Association.