Having to deal with millions of foreclosures as we continue to face a recession and deal with the collapse of the housing market, the federal government has stepped up and is offering a federal loan modification plan to keep borrowers in their homes. Obama's loan modification program is funded by stimulus funds and looks to offer a solution for almost 5 million different homeowners. What is this loan modification program all about and what does it take to qualify?
Obama's loan modification program is strongly encouraging all banks and financial lenders to aggressively review any homeowner who requests help to figure out their eligibility. In fact, it has been stated that there should be at least 500,000 home loan modification in the next 2 months. That means that even those banks that have been dragging their feet and not providing any help to their clients need to step up their loan modification program efforts.
The good news is that Obama's loan modification program has a set of standard guidelines for the qualifying process and standard methods of modifying those qualified mortgages. This makes it a lot simpler than ever for you to apply for a federal loan modification plan and get some help. There is going to be no more guessing about what your financial lender is looking for when it comes to a home loan modification since they must use the federal guidelines for every applicant who requests help.
Think about that for just a second, if you knew precisely what those guidelines were before hand, then you would be able to pre-qualify yourself for a loan modification program, understand if you fit the criteria, and if you were unable to then you could make the necessary adjustments before your bank even reviews your home loan modification application! That is the inside edge you need if you want the best chance of success.
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