Check Who Qualifies For Federal Loan Modification Plan For Unemployed Homeowners Relief

Federal Treasury Department is providing loan modification help to the number of homeowners who have found themselves without a job because of the present recession and are at risk of losing their homes to foreclosure. Even though there are $75 billion available through TARP funds just a fraction of that has been make use of to assist borrowers because of the tough qualifying guidelines. Now, even if you are unemployed you may be able to get your mortgage payment drastically reduced to help you avoid foreclosure while you look for a new job.

President Obama has been really coming down hard on the lenders who have shown a very poor record of assisting their borrowers with a loan modification under the federal plan, HAMP. The statistics of borrowers who have actually been helped is far less than the original target of 5 million homeowners. Realizing that the ongoing recession is causing more homes to go into foreclosure, the Fed would provide a loan workout to homeowners who're unemployed and looking for new work to assist them stay in their homes and avoid foreclosure.

The HAMP loan modification program would be utilized as a guideline, however unemployed homeowners would be offered an extremely low mortgage payment for a particular period of time to allow them to find a job and get back on track. Since the ongoing foreclosure crisis is affecting every aspect of our global economy, the objective is to offer assistance to as many borrowers as likely and keep them in their homes until a long term solution could be found.

If you're without a job or facing a loss of income, then you should learn how to apply and get eligible for the federal loan modification plan. There're customary approval criteria which must be met, so you would be well advised to learn just how to complete your financial statement correctly so that you are not turned down. If you are confused about the approval guidelines and need help to figure your debt ratio, target payment and additional calculations, you could take benefit of an easy to make use of software program that is specially intended to assist homeowners get eligible for HAMP.

Get the assistance you need to prepare your own accurate and acceptable loan modification application. Why take chances with your application? Just input your exclusive financial information into the Loan Mod App and it calculates it all for you! It couldn't be simpler!