You Can Get a Mortgage Loan Modification
If you are a struggling homeowner looking for relief? The mortgage loan modification plan could be just what you need! The government has allocated 75 Billion dollars to help save your home! You need to act now even if you have been turned down by your bank already! You could still qualify under the federal mortgage loan modification program.
Simple qualifying question:
1. Is the home your primary residence?
2. Did your mortgage start before January 1, 2009?
3. Is your total loan amount less than $ 729.500?
4. Are your current mortgage payments more than 31% of your gross monthly income?
5. Would your situation be considered a financial hardship?
If you can answer yes to those questions, you meet the guidelines under the federal mortgage loan modification program.
Your next step is to contact your lender! You need to ask them to send you an application package.
You also need to ask them what criteria they are using to approve borrowers. You don’t want to share any financial information with your lender just yet! Remember anything you tell them about your financial situation cannot be changed! So for this first contact, just ask questions, do your homework and make sure you understand all of your lenders requirements. Then take your time and complete the required documentation accurately! This is crucial, as you only get one chance to qualify for the government mortgage loan modification! You will need to provide proof of your financial situation as well as an explanation of your financial hardship. Some hardships that are considered acceptable are the loss of a job, a recent death, severe medical expenses and even divorce. You will explain all of your specifics in a hardship letter. You will also need to create a budget showing why you can’t afford your current payment, and what you WILL be able to afford under the new modified mortgage.
This may be your only happen to save your home! Don’t take it lightly! Do your research, check, double check and treble check your document! If you want help, or just desire to find out if you would do before contact anyone else, you can get the help you need here; mortgage loan modification. It’s as simple as clicking and taking the step towards saving your home. It can be overwhelming, but think of it this way, if you don’t, who will?
