Apply For Loan Modification and Lower Your Mortgage Payment

The Obama loan modification program was introduced on 1st January, 2009 to help millions of American homeowners save their homes from the traumatic process of foreclosure.

Abilene, TX (prHWY.com) March 11, 2011 - California, CA, 03-10-2011 -- Even though the home loan modification plan aimed at rescuing homeowners from their difficult situation, not everyone benefits from the loan modification program because most often than not the home owned by an individual will be worth less than the mortgage amount owed and so chances of getting qualified for the Obama loan modification program is bleak for many such homeowners. However, if you want to brighten your chances of qualifying for the program then there are certain things one needs to know about the qualification eligibility requirements:

*The home on which the first mortgage has been taken should be a person's primary residence.
*The loan modification programs do not apply on second mortgages.
*Proper proof of one's income should be submitted including monthly expenses and the loan amount.
*One must also prove that the new modified loan can be paid off by you without a hassle.
*A delinquent can also apply for the loan modification program.

If an individual qualifies for the loan modification then he/she will have to gather all financial data and submit it to verify that one is capable of paying back the modified loan. One also has to submit proof of financial hardship and state the reasons why one is facing the crisis. The home loan modification program is a voluntary program and banks are not obliged to take up this program. However, the Federal Government has devised incentives so that banks take up the program on a voluntary basis and participate in the loan modification programs.

The Federal Government has also devised financial incentives for borrowers who take this loan modification plan by making payments on behalf of the borrowers for a certain period of time. The Obama loan modification program has not helped too many American homeowners as more than half million home owners in America owe more on their mortgage than what their home is worth.

However, the situation is not that bleak also because if immediate action is taken by home owners then there is a possibility that expert financial advice will lead a way out for you and you may not wait to get qualified for Obama's loan modification program. Even if you do qualify, the entire process might take months before you start getting benefits of the home loan modification plan.

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Categories: Finance

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