The nation is facing a lot of hardship with the economy right now. Because of this, the Obama administration has implemented a countrywide Federal Mortgage Loan Modification plan. For consumers who are being threatened with the foreclosure of their homes, this plan would be an excellent way to secure a new mortgage rate and a new interest rate. These new rates are designed to keep people in their homes and lower their monthly payments. However, there are stipulations that you must pass before you can qualify for this program.
Here are the basic guidelines you need to adhere to in order to qualify for the lObama mortgage loan modification plan : The home that you live in must be your primary residence..Your total mortgage balance must be less than $730,000. Your monthly payment must equal 31% or more of your total monthly income. Your mortgage must have commenced before January 1, 2009.
When a lender sits down and looks over your application, you should be fairly confident in your credit score. If you don't have a good credit score, the lender might not approve you. If the credit score has gone downhill recently due to hardships, you might still be able to get approved. These hardships could be the loss of a job or a cut wage on a job that you are still working.
Lenders will also look at whether or not the residence you are applying for is your primary residence. The home that you can't make your payments on must be your primary residence or you will find it very hard to participate in this program. Another factor is whether or not your mortgage is higher than thirty-one percent of your monthly income. If it is, you could be a great candidate for this new countrywide plan.
One way to increase your chances of being approved is to download The Complete Loan Modification Guide. For a minimal charge, you will be guided step by step on what you need to do to apply, how to fill out the necessary forms, calculate your debt ratio and putting everything together in a professional looking package that you can take to your lender. This is your chance to get back on the path to financial independence.
