Obama's federal loan modification is a program that is specially designed for those homeowners who are struggling to meet the monthly installments of their home mortgage loan. The main intention of the program is to help these homeowners so that they get the permission of affordable loan installments and they can repay that home loan comfortably. Since the recession has left almost everyone in financial crunch, the step taken by the present government will assist people get back to their feet and restart their life.
The federal loan modification program is now easy and simple to apply unlike that in past years. There are some prerequisites that need to be fulfilled and some paperwork submitted along with it, that's it. So, the first thing that you have to find out is the list of requirements of your bank or lender. This information can be achieved from the loss mitigation department of your lender and they will also guide you about which program is most suitable for you.
Obama's federal loan modification is intended to help 5 million distressed homeowners to save their houses with the $75 billion package and the necessary instructions to the bank and the lending institutions. You as a borrower have to show that you are facing hardship and give reasons and documents in support of them. The documents should be genuine and verifiable so that the lender also gets assured that after the restructuring of the loan, you will repay all your installments without fail. This information is essential for the lender and only then he will approve your loan modification application.
However the basic requirements for all loan modification programs are,
1. The house for which you have the home mortgage loan must be yours and you should be living in it
2. The installments that you are presently paying must be more than 31% of your monthly income
3. The outstanding loan must be below $729,750 and
4. The current loan must have been obtained before January 1, 2009.
If you qualify for these requirements then you can apply for the loan modification program. For this you will have to fill the application form and collect the relevant paperwork that support your hardship reasons and a hardship letter that describes your financial condition along with the reasons behind it. The documents should be verifiable to assure the lender of its authenticity.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/are-you-eligible-for-obamas-federal-loan-modification.html
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