Homeowners Get Your Home Loan Payments reduced by 30% Today

Homeowners can tap into Payment Reduction Plan (PRP) to get a temporary payment relief while working out the foreclosure prevention program with the lender.

The major key benefits of PRP for homeowners are:

1. PRP is available to homeowners who are already in default or at risk of default and do not quality for Home Affordability Modification Program (HAMP). A loan servicer is expected to offer PRP to a homeowner who is willing and has the ability to make reduced payments of at least 70% of their monthly payment. For example if a homeowner’s loan payment was $2000, the homeowner should be able to afford $1400 payment

2. PRP is designed to reduced the homeowners payments up to 30% of the homeowners loan payments of principal and interest (P&I)

3. During the period of reduced loan payment, the service should work with the borrower to come up with a foreclosure prevention plan. The servicer is expected to come up with a plan in first 3 months and then implement the foreclosure prevention plan by the 6^th month.

To get more information on Payment Reduction Plan, CLICK HERE

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This entry was posted on Monday, November 2nd, 2009 at 10:37 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.