Mortgage Modification is available for those struggling with a mortgage they cannot afford thanks to President Obama's stimulus bill. 75 billion dollars has been allocated to alleviate the housing crisis and stem the rising tide of foreclosures. Banks are paid incentives to write reworked mortgages that provide a lower payment that homeowners can afford.
If you are wondering how long you will be able to make your monthly commitment on your mortgage, maybe this would be a great solution for you. You may already be staring at the real possibility of foreclosure, and if so, you have no time to waste. What qualifications must you meet to apply?
* You must be currently experiencing a financial hardship; something beyond your control has happened that keeps you from being able to meet your mortgage obligation. This could be job loss, divorce, death of a spouse, military service, or medical bills. Whatever the cause, there must have been a marked increase in expenses or decrease in income that were beyond your control.
* You must be currently shouldering a house payment that is more than 31% of your monthly gross income. This house payment figure reflects payment, taxes, insurance and any homeowner dues.
* Your lender must be on the government's approved lender list.
* The home must be your primary residence.
* The original loan must have been written on or before January 1, 2009.
* The loan amount cannot be more than $729,750.
* You must prove your financial condition would support regular payment of the modified house payment and that you are very desirous to do just that.
If you qualify to apply, you could obtain a lower interest rate, a longer loan term, waived late fees, and possibly, reduced principal. The goal of all this is, of course, a reduced monthly payment and the avoidance or foreclosure. Your situation could be handled by any of the aforementioned methods, but it is quite a beneficial financial arrangement.
Before you contact your lender about a mortgage modification, be sure you familiarize yourself with all the requirements and other information. This will give you a better chance of success, and give you more confidence when you contact your lender. Your home may depend on this, so do not delay. Do your homework, do your preparation, and double-check your application. These stimulus package loan modifications are available for a limited window of time only.
Click here to get the help you need to qualify for a mortgage modification.
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