Learn The Approval Guidelines For The Federal Loan Modification Plan!
To get approve for the federal loan modification plan it’s important to learn the guidelines. If the borrower fits in all these guidelines than he can easily get approval for the loan modification and lower his monthly mortgage payment and save his home from foreclosure.
It’s important to learn applying and qualifying for Obama federal loan modification plan, called as home affordable modification program. $75 billion has been funded for this plan and it’s designed to help the homeowners who are at risk of losing their homes. The main aim of this plan is to lower the monthly mortgage payment and make it affordable. Obama-loanmodification also provides services for this plan and helps the needy individuals.
There are federal loan modification requirements which need to be fulfilled to get approval for this plan. If a person can prove that he fits in those guidelines than he can get approved. Below given are the guidelines to get a lower mortgage payment.
Loan modification guidelines:
Who all can apply?
- The loans on the primary residences
- The loans which have originated before January 1st 2009
- Loan amount should be less than $729,750 for a single unit house
- The current payment should be equal to or more than 31% of the gross monthly income, it includes principal, property taxes, homeowners insurance and dues.
- Those who can prove their financial hardship
How can you apply?:
- Contact the lender and ask to consider for Obama HAMP plan
- Provide him a proof of your financial hardship
- Prepare the financial statement which has details about income and expense
- Give proof of stubs, tax returns, income-paychecks, award letters etc
- Complete the borrower’s statement
- Give 2 months banks statement proof
How you can qualify?
- Decide your target payment using the HAMP program guidelines
- Calculate the debt ratio to fit the approval criteria and meet the target payment
- Adjust the financial statement and show the current disposable income with the new target payment
- Submit a precise and complete package.
The Loan Modification Programs and Obama Loan Modification Help is provided to the struggling homeowners who can’t meet their monthly mortgage payment. This program is design is such a way than an average homeowner can’t modify his own loan. The borrower simply needs to learn the basic guidelines for approval. You just need to input your income, expense and debt ratio and than target payment, disposable income and new interest rate would be automatically calculated.
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