Low-Income Families Can Have Mortgage Payments Reduced Through Federal Loan Modification Program

If you are from a low-income family and are having a really hard time making ends meet with all of those bills piling up, including the mortgage payments then you can apply for the Federal loan modification program. Obama has put 75 billion dollars into this program that will mostly go to the institutes to pay portions of five to six million families' mortgage payments.
Through a reduction of monthly payments and interest, the burden is eased off the homeowner's shoulders a bit. It's not just a reduced payment though. The government actually pays for a percentage of this plus $1000 of the principle every year. This means a little extra money in your pocket to go somewhere else that it is badly needed.
This being said, you must be able to prove that you are a low-income family in much financial trouble. This is extremely important. If you cannot convince the government of this, then there will be no acceptance papers arriving at your home. That could mean the difference between keeping and losing your home.
There is a whole other list of requirements that you must meet in order to qualify for this program. If you loan is dated after December of 2008, then don't even bother to apply as the program was put into existence then and they will not take anyone with loans after that time. Another qualification that is more complicated includes the amount of the loan that you owe as the limit changes based on how many units you home has. You can find more information on the web, just search under 'federal loan modification'.

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