Home Loan Modification Programs: How to Qualify and Apply

MARIETTA, Ga. - April 2, 2013 - PRLog -- Since 2009 there has been a federally-insured program to help people who are in danger of foreclosure, and while it may not be the right choice for everyone, it can certainly help many people.

Choosing a Modification Program

There are predominantly two modification programs: federally-funded (HAMP) and private programs funded by individual lenders. There are certainly benefits to each, but in most cases the HAMP program offers more overall benefits. For those who haven't quite decided whether home loan modification is the right choice, here's how Credit-Yogi.com can help:

"    Work with you to determine the right decision based on your individual financial circumstances
"    Help you understand the advantageous and disadvantages to modification as opposed to other options that may be available
"    Help you work on a long-term financial plan that will allow you to get back on your feet and avoid the possibility of foreclosure in the future
"    
Could You Be Eligible for Mortgage Loan Modification with Low Interest Rates? Find Out Now!! http://www.credit-yogi.com/foreclosure.php

Choosing the Right Program

There are primarily two modification programs as we have stated above. The federally-funded HAMP program is the one that is most beneficial for homeowners, but there may be a number of reasons a person may not qualify including when the purchase of the home took place. For instance, a homeowner who purchased his home in March 2009 will not qualify for the HAMP program since one of the qualifications is the home must have been purchased prior to January 1, 2009. Does that mean anyone who bought their homes after that date is unable to apply for modification? Not exactly, but it does mean those homeowners will have to depend on a private home loan modification program.  One of the major differences between these programs and HAMP is that the payments can be thirty-six percent of a homeowners' income instead of the thirty-one percent HAMP allows.

Researching Lenders

Whether you must rely on a private lender or qualify for HAMP, you still want to take the time to research mortgage modification companies. This is another area where Credit-Yogi can provide a great deal of assistance: helping you research and choose the right lender for your modification.

If You Are A Homeowner Seeking Help With Your Mortgage, Visit http://www.credit-yogi.com/foreclosure/loan-modification.php

Home loan modification is a viable option for many homeowners who are facing foreclosure or in fear they may be (for instance, those who are facing layoffs or pay cuts in the near future). Choosing a home loan modification program can be frustrating for those who lack the knowledge to make the right decision but obtaining mortgage modification assistance can be very helpful. It is almost important to research several mortgage modification companies before you select one to handle your loan modification application.

If you are looking into the possibility of loan modification, Credit-Yogi.com can provide a great deal of assistance. This well-established website contains an enormous amount of information about loan modification and the programs that are available to homeowners. They also have a database that contains over 260,000 legal and financial advisors all over the country, a service that is totally free to website visitors. If you would like to schedule a free consultation, call 866-964-9644.