Obama"s Federal Loan Modification
Are you in a home mortgage that is becoming nearly impossible to manage? Maybe you are even facing the very real possibility of foreclosure.
Obama's Federal Loan Modification may be an option for you.
What exactly is available for those who qualify? The whole goal of this federally funded stimulus package for homeowners is to reduce the rising tide of foreclosure in the United States.
This is accomplished by lowering monthly mortgage payments to a more manageable amount, less than 31% of your gross monthly income.
This payment includes your property insurance, taxes, and any homeowner association fees for which you are responsible.
How do they arrive at this lower payment? The banks have several tools at their disposal through this program.
They can use any or all of these to lower your payment.
The first step is to reduce the interest rate on your loan, possibly to as low as 2%.
The length of the loan can be extended to as long as 40 years.
Late fees can be waived, and most amazing, actual reduction of principal can be used! To apply for this stimulus program, you need to live in the home as your primary residence.
Your loan must have been signed on or before January 1, 2009, and it cannot exceed $729,750.
Your current monthly mortgage payment, including taxes, insurance and dues, has to be more than 31% of your gross monthly income.
You must be experiencing a state of financial hardship.
This means that events beyond your control have increased your expenses or lowered your income.
This can be job loss, divorce, death of a spouse, military service, or medical bills, for instance.
Your application must include documentation and proof of this financial situation.
You also must present a very clear budget statement detailing your ability to manage the new, modified payment.
You also want to convince the bank of your desire to do just that.
All data in your application packet must be backed up with documentation.
It is in your best interests to compile and correctly complete your application before contacting your lender about stimulus help.
You should become familiar with the qualification criteria and carefully compile your information; you can only apply one time.
So do it right! If you qualify, Obama's Federal Loan Modification could provide relief to your financial distress.
You could receive a more affordable payment and avoid foreclosure.
Do not delay; your home is at stake.
Obama's Federal Loan Modification may be an option for you.
What exactly is available for those who qualify? The whole goal of this federally funded stimulus package for homeowners is to reduce the rising tide of foreclosure in the United States.
This is accomplished by lowering monthly mortgage payments to a more manageable amount, less than 31% of your gross monthly income.
This payment includes your property insurance, taxes, and any homeowner association fees for which you are responsible.
How do they arrive at this lower payment? The banks have several tools at their disposal through this program.
They can use any or all of these to lower your payment.
The first step is to reduce the interest rate on your loan, possibly to as low as 2%.
The length of the loan can be extended to as long as 40 years.
Late fees can be waived, and most amazing, actual reduction of principal can be used! To apply for this stimulus program, you need to live in the home as your primary residence.
Your loan must have been signed on or before January 1, 2009, and it cannot exceed $729,750.
Your current monthly mortgage payment, including taxes, insurance and dues, has to be more than 31% of your gross monthly income.
You must be experiencing a state of financial hardship.
This means that events beyond your control have increased your expenses or lowered your income.
This can be job loss, divorce, death of a spouse, military service, or medical bills, for instance.
Your application must include documentation and proof of this financial situation.
You also must present a very clear budget statement detailing your ability to manage the new, modified payment.
You also want to convince the bank of your desire to do just that.
All data in your application packet must be backed up with documentation.
It is in your best interests to compile and correctly complete your application before contacting your lender about stimulus help.
You should become familiar with the qualification criteria and carefully compile your information; you can only apply one time.
So do it right! If you qualify, Obama's Federal Loan Modification could provide relief to your financial distress.
You could receive a more affordable payment and avoid foreclosure.
Do not delay; your home is at stake.
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