Foreclosure is one of the most terrifying things that any homeowner can go through. If you're finding it harder and harder to pay your mortgage, there is help.
The government has started a new program to help people who are facing default. Obama's federal HAMP loan modification program could be the break that you've been looking for. With this new plan, consumers are finding it easier to make payments on their mortgage because of refinancing and lower interest rates. But there are several things that you must do to get started.
Aurora Lillo Editor of the "Loan Modification Foreclosure" website -- http://www.LoanModificationForeclosures.com -- pointed out;
"…Before you contact your lender, you will need to know the exact date that you secured your loan from your lender. If your loan was taken out prior to the first of January in 2009, you could be eligible for this new plan. If the loan was taken out after this date, you might find it very hard to participate…"
Another thing you need to do is look at your payment history. Has your payment history been good over the last couple years? Have you been paying your mortgage in its full amount every time? If so, you might have a great chance of taking advantage of the program. If you haven't been paying your mortgage due to circumstances beyond your control such as a job loss or a pay cut, your lender will take that into consideration. You will also need proof of your monthly income. If your mortgage amount is more than thirty one percent of your monthly income, you could be a great candidate for this program.
Before you contact your lender, you will specific items to present to them. You will all of your income tax returns from the last five years and your current debt. You will also need all of your monthly bills for the last three months. This will include your cable, water, power, gas, and phone bills. Once you have gotten all of this together, you can contact your lender to see if you qualify for this program.
"…Millions of Americans are facing the foreclosure of their home. Don't wait to get involved. You can stop this process by taking advantage of the Obama federal HAMP loan modification program by getting started today. Get all of your relevant information together and take control of your future with this new program designed for the consumer facing foreclosure…" added A. Lillo.
Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.com
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/obamas-federal-hamp-loan-modification-must-do-things-to-get-started.html
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