For those families who are struggling to keep up with their mortgage payments to prevent their home from being taken away, there is some good news waiting for you. Obama has implemented a loan modification program in hopes that families like you will apply. Although there is some confusion about how it all works, the government has set up a number of press releases on their website for you to read of the necessary information.
Some of the qualifications that you need to match include the date that the loan was taken out which must be before January 2009. The loan has to be on your primary residence that you currently live in. You also have to prove that you are basically financially incapable of keeping your home without help. There are also certain requirements regarding the amount owed on the principle amount that is based on how many units your home consists of. For example, on a one-unit home, you cannot owe more than $729,250.
There are a few stress saving benefits to this program for those who are accepted. First, your monthly payment will be reduced to be no more than 38% of your gross monthly income, which they will then adjust your payment schedule accordingly up to a maximum of 40 years. Second, your interest rate will be reduced by 2%. After paying three monthly payments, $1000 will be deducted from the principle amount owed, and this will happen every year from that point forward.
If you think that you might qualify, then check out the application process on the government's website and read all about it. It could save you money and sanity.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/financially-struggling-families-can-keep-homes-with-obamas-federal-loan-modification-program.html
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