Federal Loan Modification - Changing the Loan and Changing Your Future

Is your financial situation bleak? Has something happened to you to cause you to not be able to pay your house payment any longer. Maybe you lost your job and had to take a lesser paying position or you have incurred a mountain of medical bills due to an unforeseen illness in your family. Before you surrender to the inevitability of foreclosure, consider a Federal Loan Modification. You might qualify and could possibly save your home and change your future.
The Obama Administration has managed to pass a stimulus package that will provide millions of homeowners in your situation with a fresh start through rewriting these home mortgages so that their house payments are less and more affordable. Approved banks and lenders are given large financial incentives for each mortgage that they restructure. The mortgages must be on a primary home, backed by Fannie Mae or Freddie Mac, and written on or before January 1, 2009. The very most the loan amount can be is $729,750.
If you qualify for obtaining a modified loan through this program, you could receive any or all of the following benefits: reduced interest, a longer loan term, forgiven late fees, and reduced loan principal! Obviously, there are some financial requirements, but you would be surprised how they are set up. You might qualify, and it could mean saving your home and your financial future.
The financial requirements are arranged in a two-fold manner. You must prove why you can't afford the house payments any more and how you can afford the new payment. All these financial figures must be documented with the appropriate paperwork. You also must demonstrate to your lender that you are quite committed and determined to faithfully fulfill your mortgage in the long term.

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