Because of the economic recession the companies in the US have incurred tremendous amounts of losses. The Americans who could afford to live in a luxurious apartment in cities are moving to country side to cope up with the ever increasing mortgage rates. The Obama administration has allotted $ 75 billion to all the Americans to settle their unpaid mortgages and loans. The Obama federal loan modification plan or Home affordable modification, which is popularly known as the 'HAMP'- aims to offer affordable loans to all who need the most. They have plans to stop the ever increasing foreclosure rates by providing financial support to the lenders and also to the borrowers at the same time. For those who have being struggling day and day out in paying off the loans can be relieved from the painful monthly payments of the loans. The Obama Loan Modification Program is here to reduce all heavy monthly payments. This plan will be extremely beneficial to those who are undergoing difficult times in paying of the home loans. The home loan modification plan is going to help all the borrowers by adjusting home payments to 31% of the borrower's monthly income.
The Obama Administration has also appointed representatives in the housing and development department which are free and only for the people. There are several other grants available to the citizens who need extra support through Obama home loan modification program.
Who can qualify for this Loan Modification Program?
- Your home should be your primary residence
- Includes second mortgages
- Proof of your income
- Your current house payment must equal 31% or more of your gross monthly income
- You need to have clean criminal records to apply for this loan modification program
- No charge to apply-Free loan modification program
- Your loan must have been taken out prior to January 1, 2009
- Loan amount is less than $729,750
- Proof that you are facing financial hardship.
Our belief is based upon the fact that-research and do things so you don't mess up. Our mortgage refinance experts can help you work out a loan modification plan that is beneficial for you.
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