There are 75 billion dollars put into the Federal loan modification program to share between five and six million families across the United States. Unfortunately not all of these deserving families know about it. There are many benefits to this program that they would like to know about and take advantage of. Perhaps you are one of them and are hearing about it for the first time. Would you like to know more?
The requirements of this program include that your loan be dated as of January 2009 or later; it must pertain to your current primary residence; and you must not exceed the limits of which are allowed to be owing on the principle, for example, on a one-unit home, you are permitted $729,250. This does change for different sized homes. You also must be an American citizen who is able to prove your financial difficulty.
When you are taking part in this program your monthly payments will be reduced so that you will not have to pay more than 38% of your gross monthly income, but the government will pay part of that so you will be not pay more than 31%. The interest rate will be dropped by 2%, and the government will also pay $1000 from your principle every year that you are a part of this program.
If you are experiencing extreme hardship in paying your mortgage and are at risk of losing your home it would really be a good idea to look into this further. Check the Federal Government website for details.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/dont-fall-risk-to-losing-your-home-apply-for-the-federal-loan-modification-program-for-assistance.html
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