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Nevertheless, to qualify for monthly payment forbearance, one must first determine HAUP eligibility. To that effect, probable applicants need to ensure that:
1. Home in question is between 1 to 4 units and is their principal residence
2. Mortgage loan has been approved either on or before 1st of January, 2009
3. Unpaid principal loan balance cannot be more than $729,750 for a single unit home
4. Loans are delinquent or any probability of default is reasonably foreseeable
5. Existing home mortgages have not been modified under the HAMP earlier
6. They have applied for UP forbearance much before the first lien is seriously delinquent
7. Unemployment insurance benefits are being claimed at the time of requesting help under UP plan
8. Their current monthly mortgage payments are more than 31% of their gross monthly incomes
There may have been a host of other HAMP UP requirements which borrowers could be required to satisfy. Besides, lenders who may grant an initial forbearance period of 3 months during which monthly payments will get suspended. The borrower will not have to pay any monthly installments for that period of time and can search for a new source of employment. Any extension of forbearance period could be at the sole discretion of the lender and may not exceed 6 months. In any case, to improve chances of getting an approval, applicant will have to prepare and furnish correct as well as accurate paperwork along with is application. Today help is easily available on the internet, one could find several mortgage service providers on the internet. However, borrower must make sure that the firm chosen is reputed.
Obamaloanmodificaiton is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for affordable mortgage interest rates and hence, significantly reduced monthly payments.
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