Foreclosure Prevention. Loan Modification for homeowner.
- The Lender has to bring down interest rates so the monthly payments don’t exceed 38% of the borrower’s income.
- This initiative will match dollar-for-dollar any further reduction until the ratio comes down to 31%.
- The principal will also be reduced, if necessary, to lower the monthly payments. The Treasury Department will share the costs.
- Homeowner will be on a trial test with the new monthly payment for 3 months. If they make every payment on time the new rate and monthly payments will be fixed for five years.
- Your mortgage had to be originated before January 1, 2009
- Owner-occupant (No investors)
- Unpaid balance of $729,750 or less.
- Be in financial hardship.
- Due to increase in your mortgage
- Income reduction
- Suffer Hardship
- Note: If you cannot afford the home due to job loss or a complete inability to pay, you will not qualify.
- Monthly payments have to be 31% of your gross monthly income.
John Paul Soto choose to work in Charlotte, NC real estate because he genuinely enjoy working with people, and believe it is an industry that rewards dedication and personal initiative. He also want to give back to his community, and he is currently employed as a firefighter for the Charlotte Fire Department.
John Paul Soto was born and raised in Guatemala, and moved to Charlotte in 2002 to attend college. He is currently pursuing a Bachelor’s degree in Business Management, and will continue to make his home in Charlotte, NC after graduation.
He takes great pride in his accomplishments and hope to continue to build a successful track record helping other people achieve theirs. He is now part of “The Soto and Ferreira Group” on of Charlotte’s NC best Real Estate Groups.
Thanks,
John Paul