Dallas, TX (PRWEB) September 13, 2012
Homeward Residential, Inc., (Homeward) a nationwide mortgage lending and servicing company, announced it would start supplying a new, option house loan modification program, created exclusively for Homeward consumers who do not meet the requirements of the Federal Governments Producing Residence Cost-effective Modification plan (HAMP) and other traditional loan modification programs. The new Homeward Option Modification System will be offered to eligible borrowers starting September four, 2012.

We developed this program as component of our continuing efforts to support our borrowers remain in their residences, said Javid Jaberi, Executive Vice President- Servicing Operations, Homeward Residential. With the combination of principal forgiveness, a reduce interest price and amortization term extension, these consumers who previously did not qualify for other modification applications could have one more alternative to keep in their houses.

To lessen the monthly payment to an affordable level and based on the borrowers capability to pay, Homeward announced the following proponents of the Option Modification System:

principal forgiveness (to be earned by the borrower in installments more than 3 years subject to preserving a good payment record) in an amount essential to decrease a current LTV of 150% or greater to no much less than 115% LTV.
a reduction of the interest price to as low as two% for five years with a gradual step-up to industry thereafter.
an extended amortization term up to 480 months.
We view this program as an additional safety net for borrowers that have limited options. As a result we have restricted the required documentation to hardship letter and revenue verification, added Jaberi.

We are providing this alternative modification program to assist eligible borrowers attain an affordable payment, and, as a result, eligibility for principal reduction and rate reduction will be determined on a case-by-case basis, explained Jaberi.

Homeward Residential is a nationwide integrated mortgage business, formerly recognized as American Residence Mortgage Servicing, Inc., with mortgage servicing and prime lending firms. Homeward had a total servicing portfolio of much more than 410,000 loans aggregating roughly $ 74 billion (as of June 30, 2012). Given that commencing loan origination’s in late 2011, Homeward has funded over $ 3 billion of residential mortgage loans via its correspondent and direct lending channels. With headquarters in Dallas, Texas, Homeward has approximately 2,800 associates functioning every day toward the mission of assisting families realize and preserve their dream of homeownership.