Homeowners with Saxon Mortgage who may be having trouble with their mortgage due to unemployment or because of an underwater mortgage may have additional forms of help available thanks to new initiatives from the Obama Administration and the home loan modification program.
Underwater mortgages and unemployment have caused trouble for now only homeowners but lenders as well and these new programs are stressing unused methods to help struggling homeowners.
Unemployed homeowners may have to option to get forbearance from their mortgage payment for up to six months or have their mortgage payment cut down to a small percentage of their income, which is similar to the modification program’s procedure.
However, underwater homeowners may also be able to get a new form of assistance in principal reductions. Many homeowners with an underwater mortgage have simply been walking away from their mortgage payments due to their home being severely underwater, so by offering more principal reductions it is hoped to keep homeowners loyal to their mortgage payment.
While these programs haven’t had much time to take effect and some lenders are hesitant to implement them, homeowners still may want to check with their lender at to what options are available to them and what assistance can be offered.