The Eligibility Requirement Associated With The Federal Loan Modification Program

The Federal loan modification program is a wonderful system to be granted access to. As with all programs there are rules and regulations that must be followed. There are definite eligibility requirements that must be met, and some of them have been confused, but here are the basic ones set straight.
First of all, of course, you have to be over 18 and an American citizen. Since it is unusual for a teenager to have a mortgage, you probably already have that one fulfilled.
The second important item is the date of the loan. This loan must have been taken out before January 2009. This is mainly because of the time that the program was bought into being. It would be easy for someone to take out a loan after the start of the program then apply to have it modified if not for this rule.
The amount of the principle will be looked at as there is a limit set to what will be approved. For example you are allowed to owe as much as $729,259 on a one-unit home. For homes consisting of more units, the amount permitted is increased.
The major part of this application is to prove that you are having problems with your mortgage payments. You have to have sufficient documents to prove lack of income or lost wages, high debt loads, and other such things. You have to include everything with this in order to complete the picture for them.
These are the basic eligibility requirements. For the full list, visit the United Stated Federal Government website.

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