The Eligibility Requirements for BOA and Federal Loan Modification Programs
Loans are the liabilities and a kind of obligation that we take to come over the financial crisis. Before you apply for any loan make sure that there should be a limit, the loan overheads may lead to any person towards the debt and bankruptcy. There are many secured and unsecured loans available in the financial market but they all are to facilitate us not to insolvent us.
The American Government has to take the immediate action, when most of the Americans started being declared as Bankrupt and most of the financial institutions have to face the extended or almost ever ending financial crisis. To save USA by heading towards the enduring financial crisis, the USA Government along with Bank of America introduced various Loan Modification programs.
The Federal Loan Modification Program and Bank Of America Loan Modification are such programs. Under both these programs, the borrower can regain the financial stability by modifying theirs secured and unsecured loan liabilities. To lower down the mortgage rates and make the home affordable, these programs are introduced.
After having a loan modification agreement with the lender, the borrower has to sign a new contract containing the revised terms and conditions of Loan. Make sure before signing the agreement, you know that after signing the contract all the loan biding will be renewed even the interest rates, principal amount, monthly installments, repayment term of loan and other repayment related conditions may get modified, partially or entirely. This is also important to know that one the loan modification agreement is signed the borrower will not be getting another chance to re-modify the terms.
There are certain guidelines that must be kept in mind for the BOA and Federal Loan Modification program.
Eligibility Requirements:
- Inability to repay the mortgage loan payments.
- Must have the valid reasons behind financial crisis and Bankruptcy.
- The original value of home is lesser than the mortgage.
- Paying mortgage on high interest rates or flexible mortgage rates.
- The current mortgage is lesser than $7,29,750
- Must have originated mortgage on or before January 1, 2009.
- The monthly loan installments must be 31% higher than the gross monthly income.
If, you are matching to the above qualification and an American, then you are eligible to gain the advantages of Bank Of America Loan Modification Requirements and other Obama Loan Modification Programs. In short if, your mortgage and other loan payments are heading over your income, you are under the heavy financial stress, going to file bankruptcy and looking for a financial rescue.
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