How Can Home Mortgage Loan Modification Help Me?
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It’s no secret we are living in tough economical times. Many consumers are doing everything they can to save a few dollars. A popular new idea is home loan modification, which is changing the original terms on your mortgage to be more flexible or affordable.
The Obama administration has given many Americans a chance to easily modify their original mortgage. Although there are certainly benefits, not everyone is eligible for home loan modification.
Under the new Tarp II plan, Obama plans to invest 75 Billion dollars to help homeowners. The first group of people the plan can benefit are those that are current on their mortgage payments, but have lost their some property value due to the economy. The government is calling this the Affordable Refinance program. This will help consumers that cannot refinance their current home due to a lack of equity. To qualify, you must meet the following criteria:
You must have a Fannie Mae or Freddie Mac loan.
You must be current on your mortgage payments (current means you have not been more than 30-days late in the last 12 months).
Your home must be your primary residence.
The amount you owe on your mortgage must be the less than or equal to the value of your home.
Individuals that are behind on payments or struggling with their current mortgage may also qualify for another program, called the Homes Affordable Modification. This will help you modify your original loan to a more affordable monthly payment. To qualify:
The amount you owe on your first mortgage must be less than or equal to $729,750.
You must be having trouble paying your mortgage.
Your home must be your primary residence.
Your mortgage must have been signed prior to January 1st, 2009.
Those are the two sets of people the government can help, however just because you may not qualify for federal aid, doesn’t mean you can’t get help elsewhere. There are a variety of services available for loan modification, and even a do-it-yourself method. Loan modification has helped thousands of homeowners out of debt, and gotten them back on track with their payments. If you are in that situation, it can do the same for you.
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