Residential Real Estate Foreclosure Loan Reduction
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 6th month.
To get more information on Payment Reduction Plan, CLICK HERE
This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Homeowners Get Your Home Loan Payments reduced by 30% Today is brought to you by SimplifyEm Pay Rent Online and Property Management Software
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