What would do you with the extra money that you could have if you had reduced monthly mortgage payments, lower interest rates, and less of a principle to pay off? You might be thinking that there is no point in imagining such a case because it could never happen. Well, think again.
If your mortgage loan was taken out before January of 2009; if it is on your primary residence; if you fit within the maximum allowed amounts of principle owing; and if you can prove that you are in a desperate financial situation, then you could very well be a new participant to the Federal loan modification program. This was set up for people like you who need assistance with their mortgage payments due to insufficient income or lost wages. They don't just take into account your income, but also living expenses, and other debt that you may have whether it's from school, credit cards, automobile or other areas. They take all of your information into account.
There are various financial institutes that are participating in this program so it's just a matter of picking the right one for you. If your loan isn't with any of those, you can apply to have it taken over by one that is. There are so many ways to make it work as long as you fit the eligibility criteria.
For listings of the financial institutes, all off the rules and requirements, and the process by which you apply, you can visit the Federal Government website or the governmental office nearest to you.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/decrease-monthly-mortgage-payments-with-75-billion-dollar-federal-loan-modification-program.html
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