Federal Mortgage Loan Modification Program

federal mortgage loan modification program

Do I Qualify for Obama’s Federal Government Loan Modification Program?

Since Obama has taken office, the government has set aside millions of dollars to assist struggling homeowners and make it possible for them to stay in their homes rather than losing them to foreclosure during these tough and uncertain economic times. Obama’s federal government loan modification program – do you qualify? Here are the basic requirements:

1. You must live in the house, and it must be your primary residence.
2. You must have taken out your loan before 2009.
3. You must be currently facing economic hardship or expect to face hardship in the near future. For example, have been notified that you will be laid off.
4. Must have provable income.
5. Your current mortgage payment must be more than 31% of your gross income each month.
6. Your loan amount must be less than $729, 750.00 for single-family residence.

If you meet the above basic requirements, chances are good you will qualify for Obama’s federal government loan modification program. What are the potential benefits of participating?

1. Reduced interest rate. It may go as low as 2%.
2. Extended loan terms.
3. Principal reduction.

If you do qualify for the government loan modification program and the above benefits would be helpful to your situation, it is important to know how the formulas the government or lenders will use.

1. They multiply the gross household income by 31%. This gives them the amount of the mortgage payment they are trying to reach.
2. They subtract the monthly fees for homeowner’s insurance, taxes, dues, and so forth. This provides the new interest and principal amounts.
3. Reduce the interest rate, extend the payment terms, or otherwise finagle with the terms to reach the targeted monthly payment.

If you’re unsure if you qualify for the government loan modification program, simply visit www.UnitedProcessingCenter.com for a FREE evaluation. By using a loan mod service, you will greatly increase your chances of a loan modification approval.

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A no-win situation.(Portfolio): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on August 1, 2010. The length of the article is 527 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: A no-win situation….

HAMP headaches and challenges: one year into the federal government’s program to modify home loans, and there are many operational challenges … An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on March 1, 2010. The length of the article is 2726 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: HAMP headaches and …

Federal officials, GSEs announce streamlined modification program.(Briefing Book)(government sponsored enterprises): An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on December 1, 2008. The length of the article is 620 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Federal officials…