Loan Modification Help: A Financial Rescue
The 75 million dollars plan – Obama Loan Modification Program was introduced as a rescue plan for the Americans who are financial week and going to be the victim of Foreclosures and Bankruptcy. According to the Government with the Loan Modification help the homeowners can restructure the mortgage terms and save their homes. This initiative of the US Government can be divided under two parts:
Home Affordable Obama Refinance Programs
The refinancing of mortgage loans will lower down the interest rates and monthly payment of the loans. The homeowners whose house prices are getting continuous depreciation may not be able to avail the refinancing.
Home Affordable Obama Modification Programs:
For the homeowners who are facing foreclosure to modify the mortgage loan is the best option. With the help of Loan Modification they can minimize the monthly installments. Form the homeowners who can not avail the refinance can opt for loan modification program.
Out of the both, Federal Loan Modification Program has gained more and more popularity. There are certain eligibility criteria defined by the government to qualify the Loan Modification plan. If, any homeowner is facing financial crisis and looking forward to take advantage of the Mortgage Loan modification program, they must know about the FHA Loan Modification Requirements that are given below:
FHA loan modification Requirements
- First of al, it is important to gain all the information, terms and conditions related to the Loan Modification plan offered by the financial institutions.
- This is must to enclose the Hardship Letter along with the Home Loan Modification application. Wherein it should be clearly mentioned that the applicant is not at all able to make repayments. The applicant has to commit to make the regular payments in future in written.
- The current Financial Report must also be enclosed to quicken the Loan Modification process.
- All the required information must be given and all the information must be truthful.
- The documents such as Salary stabs, Credit records, and employment history must be submitted.
- The applicant must be currently staying at the home on which mortgage is approved. The investment and rented property can not be eligible for loan modification.
There is another Loan Modification program known as Bank of America Loan Modification plan under HAMP. If an individual has adjustable mortgage rates or paying higher interest rates he can opt for the BOA Loan modification program.
If, you are facing financial crisis then, Loan Modifications and Second Mortgage Loan Program is designed for you. However, read all the guidelines carefully before making application. If you are matching all requirements then, the Loan Modification program can be proved as Boon for you.
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