All about the Fast Track Home Loan Modification Program

In American for years now home prices have been very unsustainable. A lot of easy credit has been given and now the market is going through the downturn, which was inevitable. Further, the alarming news is that there are an estimated 1.8 million people who have bought subprime mortgages with adjustable interest rates. This interest is set to readjust itself in either 2008 or 2009 or in the middle of these years. There will surely be people who will be able to afford this adjustment of interest rate while there will be many others who would like to switch to fixed interest rates with the help of Loan Modifications. There will still be those who are already not able to deal with their existing loans and looking for Second mortgage. For some foreclosure will be inevitable. The Fast Track loan modification programs propose a very flexible option for people who have Adjustable Rate Mortgages (ARM). The Department of Treasury has advocated this program and other federal officials as well. This Loan Modification Program does not use federal finances and there is no obligation for any lender or service provider to take up this program. Borrowers will have to check if they qualify for the Fast Track Loan Modification Programs. Lenders who have adopted this program are bagging borrowers on the point that for the next five years the interest rates will be freeze. Check If You Qualify For Home Loan Modification In order to qualify for this Loan Modification Rates: • This is for borrowers who currently are registered for ARM loans. • Borrowers who cannot find refinancing loans or cannot afford the increase in payments after the rates are reset. • The loan has to be bought on or before January 1, 2005 to July 31, 2007. • The interest rate is going to reset in between from January 1, 2008 to July 31, 2010. • The loan should be on their primary property of residence. • The FICO score should be <660 currently. The people who qualify for this can apply and get five-year stagnant interest rate.