Bank Foreclosure Mitigation Plan:
Most of the mortgage loan foreclosures are in California, Las Vegas and California. Most of the unemployment is in those areas also.
There are seven to nine million homes in foreclosure in the United States.
Today, the government stated that the second mortgages on these homes will be looked at first. Before anyone can qualify for a “modified loan” (which the above program provides).
To qualify for the Bank Foreclosure Mitigation Plan, you must have fully documented income. The home must be owner occupied and the person’s primary residence. You only qualify for the program one time. If you default, you are out of the program. There are some incentives in the program to prevent default.
The borrower has to be sixty days past due on his mortgage payment. However, if your mortgage is with CITI Bank and you have been laid off from work or had some other unforeseen circumstance, you can call 1-800-283-7918 to get a 3 month adjustment to your loan payment. CITI BANK is giving relief to some borrowers without penalty.
Notation on Home Purchase Tax Credit 2008 and 2009, you or your spouse cannot have owned a home within the past 3 years to qualify for this credit. The credit is a refundable credit on your tax return. The 2009 credit does not have to be repaid if you reside in the home for 3 years.
