The Federal Loan Modification Program and Its Eligibility Requirements
Since the beginning of the global economic crisis, the housing market has been severely affected and resulted to foreclosures. Millions of homeowners who are suffering from financial hardship started to miss payments and must act immediately in order to save their properties from imminent foreclosure. However, not all mortgage lenders and banks are happy approving a loan modification thus, only the lucky ones are able to obtain a modified loan, the rest must accept their lost and find another home to dwell in. due to this reason, the government created the federal loan modification program to help these troubled borrowers into getting a modified loan and save their properties from foreclosure.
The Obama's home rescue program was made in order to alleviate the mortgage problems of some qualified American homeowners. However, the process is not always easy and only a fraction of the millions of troubled borrowers are qualified for the program. In order to qualify for the program, one must need to meet these following criteria.
The property must be the primary residence of the one seeking for a loan modification.
The current home value of the said property must not exceed $ 729,250.
The loan should have been approved on or before January 1, 2009.
In order to obtain a loan modification, you need to provide enough proof of sufficient income like copies of your last two paystubs, include also your recent income tax returns. These documents are important for early approval of application.
The mortgage must be insured by either Fannie Mae or Freddie Mac.
Your mortgage payments should be less than 31 percent of your monthly earnings.
Provide an affidavit indicating your current financial difficulties.
Application form must be completely filled out.
If you are lucky to be eligible for the program, you will be granted a modified loan with low mortgage rates for the next five years. You may need the help of an attorney to assist you to complete all these requirements. Should you consider hiring an expert, go to a reliable firm in order to prevent scam. These attorneys can provide legal advice and assistance to help you get through the process of saving your property.
The Obama's home rescue program was made in order to alleviate the mortgage problems of some qualified American homeowners. However, the process is not always easy and only a fraction of the millions of troubled borrowers are qualified for the program. In order to qualify for the program, one must need to meet these following criteria.
The property must be the primary residence of the one seeking for a loan modification.
The current home value of the said property must not exceed $ 729,250.
The loan should have been approved on or before January 1, 2009.
In order to obtain a loan modification, you need to provide enough proof of sufficient income like copies of your last two paystubs, include also your recent income tax returns. These documents are important for early approval of application.
The mortgage must be insured by either Fannie Mae or Freddie Mac.
Your mortgage payments should be less than 31 percent of your monthly earnings.
Provide an affidavit indicating your current financial difficulties.
Application form must be completely filled out.
If you are lucky to be eligible for the program, you will be granted a modified loan with low mortgage rates for the next five years. You may need the help of an attorney to assist you to complete all these requirements. Should you consider hiring an expert, go to a reliable firm in order to prevent scam. These attorneys can provide legal advice and assistance to help you get through the process of saving your property.
Source...