subject: The Key Information Regarding the Federal Loan Modification [print this page] The Key Information Regarding the Federal Loan Modification
In case you intend to apply for the federal loan modification, it would be better to get to know about the fundamental things like the basic requirements, the method to apply etc. By knowing these requirements you will be in a better position to evaluate things and see how can you meet the qualifications and hence can take steps to put off foreclosure. Getting to know a little about the Obama federal loan modification plan will surely help you get your application approved.
This home affordable modification program has been allocated $75 billion and is basically launched to assist the home owners encountering issues regarding mortgage payments and who are afraid of an approaching foreclosure. Normally this program helps in reducing the amount of mortgage payments and thus makes it easier for the home owner to make repayments.
However, to take advantage of federal loan modification plan you certainly need to meet the criteria set. Following is a brief description of the requirements that a home owner needs to meet for availing this modification program. So, take a look.
Eligibility:
Well, the loan you intend to take should be for the basic home where you reside. The loans should not be older than January 1st, 2009. The loan amount should not exceed $729,750 for one home. Moreover, the total mortgage payment you owe needs not be less than 31% of your total salary at any cost. Furthermore, you should be someone who is actually suffering financially, someone who finds it hard to pay the monthly mortgage payments.
Applying Method:
Well, applying process for the HAMP is not as difficult as it appears to be, you just need to keep a few things in mind. First of all you need to consult the loan provider and reveal your intentions. Afterwards, you have to prove to him that you actually are suffering economically. Then have to work on making a financial statement with complete and accurate information regarding your salary and expenses etc. Plus, provide the loan provider with the proof of stubs, salary pay-checks, tax returns etc and provide the lender bank statement roof of 2 months.
How To Meet The Criteria?
Determine the target payment by taking help of the HAMP requirements etc. Evaluate the debt ratio to meet the eligibility requirements and fulfill the target payment. You need to prepare the financial statement while displaying your present salary and the target payment. Make sure you provide them with a complete and accurate account of data.
The Obama loan modification program is extended to the homeowners who are having economic troubles and are striving hard to make their monthly mortgage payments. It helps such people in reducing the interest rates. Basically you just need to provide them the accurate data regarding your salary, expenses, debt ratio and target payment and your new interest charges will be evaluated. However, for applying and hoping to get your application approved, you had better understand the eligibility requirements and the guidelines touched upon here to know what it needs to take to apply for this program.
