Anyone looking to modify their mortgage loan can expect to go through a thorough approval process. A homeowner expecting to do a modification must expect to provide verifiable proof of income including tax returns, pay stubs, award letters, profit/loss statements for the self-employed, among other documents. Homeowners must show that they live on the property and provide proof of that with things such as : utility bills, phone numbers showing your residence, voters registration cars, etc. Anyone providing information to try to acquire a loan modification should make sure that they are being honest and truthful to the best of the ability; The reason is, anyone caught falsifying information will face serious re-percussion from the government for falsifying information, it states that. That was included in this stimulus plan to deter any misrepresentation of anyone seeking legitimate help. This I believe is a good thing to ensure that we don’t get back into another housing crisis in another 5 yrs from now after we come out of this one.
For Anyone looking to take advantage of the mortgages stimulus plan will need to provide a decent amount of documented proof in order to get a loan modification. Unlike the days of non-documentation and stated income loan, they days are pretty much a thing of the past; And that was one of the biggest reasons why we got into such a jam in the 1st place. The stated income days of the early to mid 2000’s created an enormous amount of problems that has required corrective actions from Washington, lenders and homeowners. Many stated income were inflated or never existed at all, and many homeowners that got loans came forward that they did not deserve came forward with their stories, while others have begun class action law suite against lending institutions for entrapping them with predatory loans. Lenders became irresponsible, greedy, and gave loans to many individuals that had not place taking out a mortgage at all. We are correcting for all the mistakes that we have made previously as a society. With the stimulus those previous behaviors of lenders and borrowers will not be able to foster anymore, so we are back to documenting everything once again.
2009 Mortgage Stimulus
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