Accordingly, if someone is considering applying for the Obama home loan modification plan or HAMP, it could be vital for him or her to ensure that the below mentioned basic qualification criteria are being complied with.
1. Existing mortgage loan should have originated on or before 1st January, 2009
2. Home for which loan is to be modified must be owned and occupied by the applicant
3. Level of unpaid principal mortgage dues cannot exceed $729,750 for a single unit home
4. Current monthly payments have to be more than 31% of the borrower’s gross monthly income
5. Financial hardship situation has to be well documented along with list of valid reasons that lead to it
6. Borrower must have missed few payments or should be faced with the probability of being delinquent
All HAMP eligible borrowers may receive trail modification plan for a three month period.
However, qualifying for a HAMP loan modification plan has never been easy as the eligibility guidelines as well as process requirements could be complex to understand and interpret. Therefore, in order to enhance chances of getting HAMP request approved, it could be better if borrowers sought help from a competent professional who is well versed with various MHA schedule approval processes. Today one may find many such firms which provide free expert online assistance to determine qualification for different federal government mortgage relief schemes. Such companies employ specialists who have perfect knowledge of HAMP or HARP procedures, so when their help is sought one may get assisted by a local expert. All that is needed to be ensured by applicants is that they are working with a firm which is totally reliable and reputable.
USLoanz is a leading mortgage service company in the United States which has been in active business for the past seven years or even more. Over the years the firm has helped borrowers to successfully modify or refinance their mortgages and save homes from getting foreclosed. Customers, who are interested in determining their eligibility for loan modifications, principal reductions or home refinancing, can visit its website at www.usloanz.com.