Government Help For Homeowners Facing A Foreclosure Proceeding

For people who are facing foreclosure on their homes, help in any way will be welcomed gratefully.
By: A. Lillo.
 
April 14, 2010 - PRLog -- Because of the growing number of people who are facing this detrimental event, the government is offering a new loan modification program to help people keep their homes. With this new program, consumers will be able to secure a mortgage rate and interest rate that is better for their financial status. However, there are a lot of stipulations that will determine whether not you can qualify for this plan.

Aurora Lillo Editor of the "Best Loan Modification Companies" website -- http://www.BestLoanModificationCompanies.com -- pointed out;

“…Although each lender will have their own requirements, there are certain things that will determine whether or not you are eligible for help from the government. One of the key aspects that your lender will look at is when you took your loan out. More than likely, if you took your loan out before January 1, 2009, you will have a better chance of participating in this new plan…”

Another factor that your lender will look at is whether or not you have fallen on any kind of financial hardship in the last year. This could because you lost your job or had your pay reduced because of the economy. If you have been paying your mortgage on time and in it’s full amount, your case will look a lot better with your lender. They will look at when you started to fall behind on your payments and judge you accordingly. Another big factor that you lender will take into account is your monthly income and bills. They will copies of your recent power, gas, and water bills. They will also need any credit card statements and car loans to determine your eligibility. If your mortgage rate is more than thirty-one percent of your monthly income, you could be a great candidate for this plan.

“…Finding yourself among the millions of Americans who are facing foreclosure is not something that anybody wants to deal with. If you’re having trouble paying your mortgage rate, check into the new government plan to help you save your home and get out of the foreclosure process. If you have medical bills or massive debt, this could be the break that you’ve been looking for. You will need all of your tax information to give to your lender so they can decide whether or not you can apply. For specific details, contact your lender for more information…” added A. Lillo.

Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com
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