To begin with, it all depends on the type of mortgage you own. If you have first mortgage, you can think of applying for HAMP which was introduced by the Obama administration to help distressed homeowners modify their mortgage payments and to stabilize real estate crisis of the U.S. Federal government has set some qualification criteria for borrowers as well as mortgages to be modified. Some of them are as follows: Homeowner must have obtained mortgage on or before 1 January 2009 to qualify for the program. He should use his home as his primary residence. Borrower should have sufficient income to pay modified payments regularly. There are more eligibility guidelines that you must be familiar with so that you can have enough time to qualify for the program. If you have second mortgage and its repayment terms are difficult to keep up with, you can take advantage of second lien modification program, which is applicable only to those borrowers who earlier modified their first mortgage under HAMP and have second lien on the same property.
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Another program you can consider is Principal Reduction Alternative PRA. Under this program, lenders work to reduce the amount particular homeowner owes on his home. You will be entitled to get approved for the PRA only if you occupy your home as your residence. You must have financial hardship which could be change in or loss of income, increasing expenses, etc. Your total mortgage payments must exceed 31% of your gross monthly income, then only you will qualify for the PRA.
Even if you do not qualify for any of the federal modification programs, you can go for traditional modification programs being offered by a wide range of lenders nowadays. There are many doubts you may have such as which mortgage modification program will work best for your situation?, how many times can you modify your mortgage loan?, etc. All that you need is a mortgage specialist who has enough experience, knowledge and skill to guide you well throughout the modification process and also prior to that by helping you understand how many times can you modify your mortgage? and how to qualify for modification program.
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