For those who are facing foreclosure due to financial hardship, a federal loan modification may help them stay in their homes. Millions of homeowners in the United States will benefit from this program. Maybe you could benefit from this program, too.
If you are behind on your mortgage and foreclosure seems imminent and inevitable, don't give up yet. You might qualify for this federally funded program. Your home must be your primary residence, where you live. The loan can't be more than $729,750. It has to have been written originally on or before January 1, 2009. Your lender has to be approved, and your loan must be backed by Freddie Mac or Fannie Mae.
Are you a victim of financial hardship? This means that something has happened over which you didn't have any control that increased our expenses or decreased your income so that your house payment became too difficult to pay. You have to provide documentation of every fact or figure you claim in this application.
You also need to prove that you are able to make the new payment in the long-term future. You will need a budget work-up that plainly shows this, and you will also need to document every statement you make regarding income and expenses. The lender will also be looking to see that you are serious and committed to making the modified payments.
You should carefully examine the application qualifications and prepare your budget work up and other application documents. Gather all the appropriate documentation, and have everything in order before you contact your lender. You are only allowed to apply one time under this federal program, so prepare your application package carefully. Be sure you have compiled all the necessary documentation before you submit it, because you don't want to cause it to be set to the side or possibly rejected.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/federal-loan-modification-federal-funding-to-fight-foreclosure.html
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment