Home Modification Loan Program Qualifications – What You Must Know

To get benefited with the Government home loan modification programs, borrower must know what this program is all about and what its exact qualification standards are. Qualifying for HAMP may be challenging and difficult at times.
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Dec. 12, 2012 - PRLog -- If a homeowner is truly facing financial hardship, there could be help available for him. Amid prevailing housing market crisis and financial turmoil, many homeowners in the U.S. have been experiencing difficulties in making their mortgage payments which is why they are at risk of confronting foreclosure. To help such tens of thousands of struggling homeowners, the Obama administration introduced Government home loan modification programs in 2009. Under the Home Affordable Modification Program HAMP, borrower can lower or modify his monthly mortgage payments to make them affordable. However, it must be made known that it is not that easy to qualify for the HAMP. There are specific home modification loan program qualifications and process requirements that have to be understood well.

Apply for Government home loan modification programs Today http://www.obama-loanmodifications.com/loan-modification-application.php

Here are several basic HAMP eligibility guidelines:

1.       To qualify for HAMP, borrower might be required to obtain his mortgage on or before 1 January, 2009.

2.      Borrower must be suffering from a financial hardship and should be either delinquent or in danger of falling behind on his mortgage payments.

3.      Borrower needs to have sufficient income to afford modified mortgage payment.

4.      Home modification loan program qualifications may also require borrower not to have been convicted within the last 10 years of theft, fraud, tax evasion, etc. in connection with a real estate or mortgage transaction.

In an effort to continue to provide effective solutions to the housing crisis and financial distressed homeowners, the Obama administration relaxed the home modification loan program qualifications so that the homeowners, who previously could not modify their mortgage payments due to their inability to meet its approval criteria, could now be considered as per the relaxed guidelines. Homeowners who want to modify their mortgages taken on the rented property can also apply for Government home loan modification programs. Even those homeowners who previously received Home Affordable Modification Program trial period plan but defaulted on their trial mortgage payments may also apply for HAMP. Before applying for Obama’s loan modification plan, borrower must be well-versed with the exact approval criteria of the lender who will modify his home loan. However, the process could be a lot complicated because there may also be particular paperwork needed.

It could be in borrower’s best interest to engage a knowledgeable, skilled and experienced mortgage specialist who has detailed understanding of the subject including Government home loan modification programs guidelines, required documentation and the actual process. With his guidance, borrower could be able to successfully modify his loan terms and payments. Such competent mortgage specialists are hired by online mortgage service firm.

Government Home Loan Modification Programs – See If You Can Get Approval http://www.obama-loanmodifications.com
Tags:Home Loan Modification, Loan Program Qualifications
Industry:Loans, Finance
Location:United States
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