The nation is facing a lot of hardship with the economy right now. Because of this, the Obama administration has implemented a countrywide Federal Mortgage Loan Modification plan.
For consumers who are being threatened with the foreclosure of their homes, this plan would be an excellent way to secure a new mortgage rate and a new interest rate. These new rates are designed to keep people in their homes and lower their monthly payments. However, there are stipulations that you must pass before you can qualify for this program.
Hector Milla Editor of the "Best Mortgage Loan Modification" website -- http://www.BestMortgageLoanModification.net -- pointed out;
"…The loan modification program is only open to consumers who have great payment history on their mortgage. If you do not have an excellent payment history, you might find it hard to participate in this program. Furthermore, you must have secured your loan from your lender before the first of January in 2009. Any mortgages that were secured after this date may not be subject to approval…"
When a lender sits down and looks over your application, you should be fairly confident in your credit score. If you don't have a good credit score, the lender might not approve you. If the credit score has gone downhill recently due to hardships, you might still be able to get approved. These hardships could be the loss of a job or a cut wage on a job that you are still working.
Lenders will also look at whether or not the residence you are applying for is your primary residence. The home that you can't make your payments on must be your primary residence or you will find it very hard to participate in this program. Another factor is whether or not your mortgage is higher than thirty-one percent of your monthly income. If it is, you could be a great candidate for this new countrywide plan.
"…Nobody wants to see their home taken away from them. Foreclosure can be avoided if you qualify for this plan. To apply, you must have all of your current and past tax records, your monthly bills, and any credit card debt you have. You must present this information to your lender to get approved. If you have filed bankruptcy in the past, you might not be eligible. Get in touch with your lender and see what their specific details are for you to submit an application. The time to get your finances under control is here…" added H. Milla.
Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/countrywide-and-the-obama-federal-mortgage-loan-modification-plan.html
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