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Suntrust Loan Modification: Too Good to Be True?

If you’ve been researching a Suntrust loan modification through the Obama Stimulus Plan, you might think that it is surely too good to be true! Could it be possible to get a lower interest rate over the life of the loan, with the first five years being as low as 2%?

Who has heard of a house payment (plus taxes and insurance) at 31% or less of your gross monthly income? This is actually a possibility if you qualify for the Obama Home Affordable Program.

Suntrust is approved by the Treasury Department as a participating lender in the President’s Program. The goal of this bill is to help struggling homeowners avoid foreclosure. The program is of course also expected to help boost the housing market and the economy as a whole. If you qualify for a loan modification, the government will pay a $ 1,000 incentive to Suntrust to rework your mortgage, save your home, and lower your monthly mortgage payment.

This incentive, along with the suffering housing market, gives Suntrust an incentive to work with you to keep your home. They know that if a property goes into foreclosure in this economic climate, it will remain vacant and unproductive for a longer period of time than usual.

The government sponsored loan modifications that President Obama has sponsored will only last until December 31, 2012. This program represents an opportunity to restructure your financial landscape like never before and basically just an opportunity to keep your home. A Suntrust loan modification is definitely worth considering.

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