There are 75 billion dollars up for grabs in the Federal loan modification program, and many applicants are already after trying. There have been criticisms stemming from people all over the country for a variety of reasons, but this program is very important for helping millions of families who desperately need help before their homes go into foreclosure.
The eligibility requirements vary depending on your loan amount and level of income, but whatever your class is, you have to show proof of being in great financial trouble. This can be done in a variety of ways. If you have no employment, then that will obviously put you ahead of the crowd. That doesn't mean you should go out and get fired, but if you are unemployed for a legitimate reason, then times will definitely be tougher for you.
If you are approved you will have a lower monthly payment which will also have a government contribution for part of that. The interest rate will be dropped, and the principle will be lowered by $1000 every year which is also paid by the government. In addition to the lowered principle, you will also get a lowered monthly payment rate that would be mandated not to be more 38% of your monthly household budget. Throughout the course of time, this money that you save will add up. You will be able to feel the difference almost immediately and you will be able to breathe a little easier.
So despite all the critics, there are a lot of benefits to this program for those who are accepted. If you think that you might fit the profile, then go ahead and check it out on the Federal Government's website.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/obamas-federal-loan-modification-program-criticized-but-necessary-for-millions-of-families.html
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment