A loan modification plan offered by Obama promises to help homeowners modify their mortgages into low, affordable payments. This plan is funded by $75 billion in stimulus funds and is designed to offer government subsidized assistance for those borrowers stuck in financial hardship situations and at risk of losing their home. Which homeowners are eligible for this relief?
Obama Obama Mortgage Relief PlanLoan Modification Eligibility Guidelines:
If you can answer yes to these questions then you may be allowed to apply for help:
Are you facing a financial hardship situation making your mortgage unaffordable?
Do you live in the home as your primary residence?
Was your loan taken out before January 1, 2009
Is your loan balance less than $729,750?
Does your current mortgage payment-including taxes, insurance and any HOA dues-equal MORE than 31% of your monthly gross income?
So, who can benefit from the Obama federal loan modification program? Well, the following are some points that will help you know if you are eligible.
1. Everyone who holds a mortgage that is in excess of 105% of the present value of the property they own can apply for the programs.
2. Obama's program is applicable to all loans that fit under the premise of Freddie Mac and Fannie Mae loans, which are the major loan owners and insurers in the US.
3. Special representatives are appointed by the HUD (US Housing and Development Department) to help people with their loan modification programs. These people act as counselors and they will help borrowers facing hardships in negotiating with their lenders. Such free professional help will put an end to do it yourself programs, which often shows no results.
4. Something that might make mortgage modification [http://tipsforloanmodifications.com/mortgage-modification-assistance] redundant in the near future is that all first time homebuyers are being considered for special grants. These grants are available for people who have hardships and also for other people who have some valid justification for the grant. In some cases, grants will also be provided to people who are looking at renovating their houses.
Obama Obama Mortgage Relief PlanLoan Modification Eligibility Guidelines:
If you can answer yes to these questions then you may be allowed to apply for help:
Are you facing a financial hardship situation making your mortgage unaffordable?
Do you live in the home as your primary residence?
Was your loan taken out before January 1, 2009
Is your loan balance less than $729,750?
Does your current mortgage payment-including taxes, insurance and any HOA dues-equal MORE than 31% of your monthly gross income?
So, who can benefit from the Obama federal loan modification program? Well, the following are some points that will help you know if you are eligible.
1. Everyone who holds a mortgage that is in excess of 105% of the present value of the property they own can apply for the programs.
2. Obama's program is applicable to all loans that fit under the premise of Freddie Mac and Fannie Mae loans, which are the major loan owners and insurers in the US.
3. Special representatives are appointed by the HUD (US Housing and Development Department) to help people with their loan modification programs. These people act as counselors and they will help borrowers facing hardships in negotiating with their lenders. Such free professional help will put an end to do it yourself programs, which often shows no results.
4. Something that might make mortgage modification [http://tipsforloanmodifications.com/mortgage-modification-assistance] redundant in the near future is that all first time homebuyers are being considered for special grants. These grants are available for people who have hardships and also for other people who have some valid justification for the grant. In some cases, grants will also be provided to people who are looking at renovating their houses.
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