| Loan Modification for Struggling Homeowners - Do You Qualify for The Requirements? |
Many people are struggling to hold onto their homes in today's economy. Things have been tough and making a large house payment has been extremely difficult for some if not impossible. President Obama has begun a new loan modification program that is aimed at helping people save their homes from foreclosure. The program has $75 billion in funding and is targeted to help those who are already delinquent on their payments and those who are struggling to make their house payment. It is estimated that between 7 to 9 million homeowners may benefit from this wonderful new program.
Not all banks and lending institutions are participating however. Although , there are incentives provided to those who chose to become a part of this program. If you believe that you might be one who qualifies, here are a few tips and guidelines to help you get started.
* You home loan must have been taken out before January 1, 2009.
* You must live in the home that you are seeking to refinance.
* The total current monthly payment needs to be 31% or more than your gross monthly income.
* You may include a second mortgage if applicable.
* You will not incur any fees for applying for the new loan.
* The total of the mortgage may not exceed $729,750.00.
* You must be able to provide documentation of your income.
If you can meet most of the above guidelines, you are a likely candidate for the loan modification program. You do need to bear in mind that you will need to document everything that you claim. For example, if you are claiming that it is a financial hardship to continue with your payments due to an extraordinary situation, then you will need to show proof. This situation may be due to a medical condition that you or a family member is suffering from and requires great out-of-pocket expense or it could be a loss due to fire, flood, or tornado. Whatever the situation is, you must have the evidence to support your claim.
If you qualify and receive a loan modification, then you will also receive an incentive for making your payments on time. For five years, you will be given $1,000.00 towards your principle if you are current on your payments. That amounts to $5,000.00, which will be a nice bonus.
Now is the best time to take advantage of the aid the federal government is providing. If you are struggling financially and in danger of losing your home, then find out more about how you can qualify for the loan modification program.
For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/
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