Home Loan Modification – Your Answer To Financial Crises
Borrowers facing high, unaffordable mortgage payments should take advantage of Government help. The making home affordable refinance program was announced by President Obama for struggling homeowners to avoid foreclosure and to keep them in their homes. This home rescue effort is a $75 billion program in incentive money and is intended to help up to nine million American borrowers avoid foreclosure. Home loan modification help from service providers like Loans Store can guarantee proper documentation and representation of homeowners for a quick and successful loan modifications.
The loan modification program has been planned to help save struggling homeowners to evade default if they are in impending danger of defaults and prevent foreclosure.
These standard guidelines and methods are meant to help borrowers self verify their eligibility and also give information on what all is required when filling up the application form.
The mortgage modification program works within the guidelines set up for eligibility and verification principles:
- Loans must have been started on or before January 1, 2009.
- First-mortgage loans on properties occupied by owners with remaining balance up to $729,750 for one unit.
- Higher limits of $934,200 for a duplex, $1,129,250 for a triplex and $1,403,400 for a 4 unit home.
- All borrowers with loans owned or guaranteed by Fannie Mae and Freddie Mac are eligible.
- The existing loan amount of the borrower is over 31% of their gross monthly income.
- All borrowers are required to document income and are required to submit a letter of financial hardship along with the federal loan modification program application.
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