| Obama's $75 Billion Dollars for Loan Modification Program Stopping Home Foreclosures |
Obama has put 75 billion dollars into a loan modification program to prevent between five and six million homes from being taken back by various financial institutions.
Of course, there are eligibility rules for this program, but they are not very difficult to follow. There are different sets of criteria depending on the type of home that you own, for example, how many units it has. If it is a primary residence of one unit, with less than $730,000 owing on it, then you may be able to apply if the loan was made prior to January 2009 and if you can prove financial hardship. You will of course need to furnish supporting documents for the claim. For homes of 2-4 units, the amount allowed owing will be higher.
Anyone who is approved for this loan modification program, their mortgage payment system may be extended to forty years, with a reduction of interest by 2%. Also the monthly payments will not be more that 38% of the homeowner's gross monthly income. Every year, starting three months after modification payments have been started, there will be $1000 dollars taken off the principle amount, and the government will pay this to the institution instead. Therefore, the institute will not be losing either. It's a win-win situation for both parties involved.
For a complete set of rules and eligibility criteria, you can visit the United States Federal Government website. Using their search tool, type in 'loan modification program', and you will be given a page of various news releases and other documents that will help you. If you think you may quality, go ahead and apply. You might be surprised with the result.
***Update***
I have done a bit of research for you. These loan modification experts can help you. You can find out if you would qualify for a modification loan for free! Don't wait; your home could depend upon it! Take the first steps to saving your home today! You will be thankful tomorrow!
There is hope, click here to fill out a short form to save your home! You will be matched with a qualified loan modification specialist.
http://loanmodifyhelp.info
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