Obama's loan modification plan helps the families in saving their homes. It also gets everyone on the right track and is especially devised to resolve foreclosures. It also helps in resolving your mortgage refinance dilemma. There are few guidelines which should be kept in mind before applying for loan modification programs. They are easy and simple to follow.
Following are loan modification guidelines:
- Your mortgaged house should be your current residence.
- If you are staying in your vacation homes and other secondary residences then you are not eligible
- Your loan balance or you should not owe more than $730,000 on your home.
- Your monthly mortgage fees should be 31% of your total gross monthly income.
If you meet these guide lines, then you are eligible to receive a modified mortgage under loan modification programs. NEXT, you need to present all the financial documents with your filled application. You need to deposit your income proof, all the tax receipts, copies of the bills including credit card bills and mortgage related documents. If you follow the tips step by step then you can definitely receive the modified credit. Some times this program offer cash incentives to the borrowers so that they can supplement their loss of income due to the lowered mortgage rates.
This process helps the financial status to come back on the right track. Several banks, lending institutions, and credit unions that participate in this government sponsored low modification process offers similar deals. You need to choose the one which suit your requirement and will help you in providing the right deal. Before filling the application you should check the credentials and reputation of the company. The company should be reliable and secure. And if some company is offering you a payment amount lower than 31% of your gross income then that is a fraud company and do not come under this program.
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