Avail Obama home modification loan program benefits today and save your home!

Aug. 23, 2010 - PRLog -- There are two options available as per the Obama's loan modification plan:
   * Loan refinancing:

     The borrower should be regular with the monthly mortgage payments and not have defaulted in the past.

   * Loan modification:

     This MHA loan modification process is meant for homeowners who have not been regular with their mortgage payments, or who might be having bad credit history due to late payments or who can’t afford making the monthly payments as per their existing loan terms and conditions.

Qualifying for MHA loan modification [ http://www.obama-loanmodifications.com/making-home-affordable-program.php ]

It’s required for the applicants to qualify for the home loan modification programs to avail the home relief. The conditions are:

   * The applicant should own and occupy the home. For multi-unit houses, it’s possible to avail higher loan modification credit facilities. In case of a four-unit home, the credit limits are based as per HUD guidelines.
   * The applicant should have availed a loan before January 1, 2009 from either Fannie Mae or from Freddie Mac credit lending institutions. It’s important to check out who owns the loan, and if it’s not Fannie Mae or Freddie Mac, it’s required to get a guarantee for your existing mortgage from them.
   * The applicant should have an unpaid principal balance less than $729,750 of the entire mortgage loan. The required loan amount can exceed this figure, but as far as the benefits go, any amount in excess won’t be considered, and not included in the modification.
   * The applicant has to indicate a dire requirement for the home affordable modification facility due to a reduction in the monthly pay, and/or state the reasons for the financial hardship and an inability to redeem the existing mortgage loan. Being delinquent can’t be the sole reason for availing the modification. The applicant also needs to convince he or she is going to be regular while making the monthly payments, and will put in efforts to avoid foreclosure or file for bankruptcy. Generally, a hardship letter needs to be included with the application.
   * To modify mortgage, the mortgage payment should be over 31% of the current gross monthly income. For example if the applicant earns $3000 every month, and after taxes, the amount in hand is $2000, the gross pay consisting of $3000 is considered for the modification calculations and Obama loan modification eligibility.

Get Approved for Obama’s Home Loan Modification Program  http://www.obama-loanmodifications.com/loan-modification-...

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