Guidelines to Apply and Qualify for FHA Loan Modification

For majority homeowners, thinking to file bankruptcy is one of the most shocking things one could ever experience. If you're having problem paying your mortgage due to outside factors, you might able to make the grade for a loan modification program.

The FHA loan modification plan has placed forth to assist consumers refinance their mortgage prior to they go into foreclosure. Through this program, you would be able to lower the rate of interest on your mortgage and even lower your monthly installment to something convenient. Though, there're various factors that would decide whether or not you be eligible for this plan. Here is a list of instructions to help you out apply and get eligible for this program.

The primary thing you require to decide as applying to this agenda is whether or not your loan was taken out through your lender prior to January 1, 2009. If your loan was taken out prior to this date, then you can be a good candidate for this program. You also require to be living in the home that you're going to refinance and have it listed as your primary residence. If you aren't living in the home and it isn't listed as your main residence, you mightn't be eligible for this program.

An additional factor to look at as applying for this loan modification program is your payment history. If you making the payments to your mortgage in time and in the full amount, then you would look better to your lender as applying for your modification. If you haven't been making your installments, you might find it hard to meet the requirements. Your credit score would also come into play as you're applying. Confirm that you have a good credit score or are willing to take a hit on rate of interest. This could save you from loosing time.

All of these factors would conclude whether or not you would be able to get be eligible for this Obama Federal Loan Modification plan. The best thing to do is obtain all of your income tax returns from the preceding years together along with your current mortgage documentation. As you have all of this together, contact your lender and see if you can qualify. They would be willing to take a look at all of your information and tell you whether or not you're a good candidate. Don't wait to make a difference in your life.