There are many people that due to today's economy, are struggling to make their monthly home payments. Perhaps you are one of those people who took out a mortgage that had adjustable interest rates or a balloon payment. Many people have also lost their jobs which has just devastated their monthly financial picture. President Obama has a plan that will help you find a way to keep your home.
The Loan Modification Program was designed to help people who fall into two categories; those who are struggling to remain current on their mortgage and those who are already delinquent on their payments. There is $75 billion set aside with the hope that between 7 and 9 million Americans will be able to stay in their homes.
If you believe you might qualify for one of the above situations, then here are some guidelines that you should know:
* Your home must be the primary place you live.
* You can include a second mortgage in the plan.
* There are no mortgage fees for applying for this program.
* Not all banks or mortgage lending institutions are participating so you need to shop around.
* Your current mortgage must have been obtained prior to January 1, 2009.
* The total amount of your owed mortgage must be less than $729,750.00.
* You do not have to currently be delinquent. However, you must be able to document that making your current payment is causing a financial hardship.
* Your mortgage payment should equal at least 31% of your gross monthly income.
You will need to be prepared to show documentation of your financial hardship. For example, if you or a family member is facing huge medical expenses that are making it difficult if not impossible to make your payment. Or, perhaps one or more members has had a change in employment which is causing you a financial difficulty. In either case, the paperwork to substantiate your claim must be in order.
Although banks and mortgage brokers are not required to participate, the government is providing incentives to them. Also, you will receive a bonus if you are able to remain current on your new house payment. For example, after the first year, you will be given $1,000.00 towards your principle. This will happen for five years which will add up to $5,000.00 just for making your payments on time.
Don't risk losing your home. Find out how you may qualify for a Home Loan Modification and get your finances back on track.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/president-obamas-federal-loan-modification-program-lowers-your-monthly-home-payments-qualify-now.html
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