Home Loan Modification - Save Your Home

If you are one of the struggling homeowners facing possible foreclosure there may be renewed hope! Even if you applied for a modified loan with your lender and were turned down, you now may re-apply under the federal government home loan modification program. This may be your last chance to save your home! President Obama's Home Stimulus Plan includes $75 billion dollars that will be used to give lenders monetary incentives to modify your mortgage. Never before, have lenders had this kind of incentive to help American homeowners! You may qualify for a home loan modification if you are behind on your mortgage, or if you foresee delinquency in your near future. The goal of the federal government is to help homeowners even before they fall behind. A proactive attempt to turn the housing crisis around! The basic requirements to qualify are as follows: • Mortgage must be on your primary residence • Mortgage must have originated prior to January 2009 • Total loan balance
must be below $729,000. • You are currently or will soon be facing a financial hardship • Total monthly mortgage payment (including taxes, insurance and homeowner dues) must be at least 31% of your total monthly gross income. If you fit the above requirements you very well may be qualified for a home loan modification. It is important to contact your specific lender as they will have specific criteria in addition to what is listed above. The benefits of a home loan modification are many! Here are just a few: • Lower Monthly Mortgage Payments • Lower Interest Rate (as low as 2%) • Longer Terms (up to 40 years) • Forbearance of Principle Obviously the greatest benefit is saving your home from foreclosure! The important thing to remember is that you must complete the application and all forms completely and accurately. It is amazing how many homeowners are denied home loan modifications simply because they did not follow the instructions! You don't
want to be one of those people, you need to read and understand the directions, review your documents and make certain they are completely accurate before submitting them! You cannot make any changes once your application has been submitted; this is your only chance! Do your homework, make sure you understand the forms and review - review - review!

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