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tods5eshoes · Wysłany: Czw 12:52, 10 Mar 2011 Temat postu: birkenstock Arizona Sandal 0191

You Know If You Qualify For Obama's Federal Loan Modification Plan?
Caught in a financial turmoil and unable to pay mortgages about 9 million homeowners were on the brink of foreclosures until Obama government announced its federal loan modification plan. ,[link widoczny dla zalogowanych]
The program is no doubt a wisp of cool breeze in scorching sun but there are many criterions for homeowners to fulfill before they qualify for the proposed federal loan modification plan.
To begin with, the program can be divided into two parts:
Part I: Homeowners who are facing foreclosures due to delinquency in their mortgage payment and may default on paying the home loan,[link widoczny dla zalogowanych], the government will give the banks financial incentives to "modify" or alter the existing mortgage by either resetting the interest rate, payment deferment for a particular period of time or readjustment of principal amount.
This loan modification scheme is valid for five years i. e. till 2012,[link widoczny dla zalogowanych], after that the rates will be reverted back to the interest rates conforming to that time
Part II: Under this program the homeowners who are paying the mortgage payment but cannot refinance because their home equity has come down, government will provide incentive to the lenders to help the homeowners refinance as to have pay lower monthly payments.
For you as a homeowner to qualify for Obama's federal loan modification plan you must meet following criterion:
? The loan that you have secured should not be dated after Jan1,[link widoczny dla zalogowanych], 2009.
? Your primary mortgage should be less than $729, 500.
? Anyone with high debt to income ratio or has a diminished property valuation is eligible for loan modification.? Must attend HUD certified counseling if your total household debt exceeds the income by 55%
? You must be living on that property. The plan is not for home owners who have purchased the property only for investment purposes and are not living on it.
? Your income along with the tax returns and pay stubs should be fully documented in the application submitted to the lender. However each lender might have their specific requirements that you must adhere to in order to get approval for home loan modification.? You must furnish a financial hardship document to the lender before your secure a loan modification. The program is not for unscrupulous homeowners who furnish dishonest data only to avail the benefits of the program.
? If you qualify and your application for home loan modification is approved by the lender then your monthly mortgage payments could be reduced to 31% of your gross monthly income.
? To qualify it is important that you have steady source of income which is not only enough to meet the monthly mortgage payment but also to cover all your bills and expenses for the month.
? You are only eligible only if the loan modification results in net savings compared to the situation of foreclosure.? No mortgages for the amount more than the conforming limits qualify. The interest rates will not be lowered below 2%
Qualifying for Obama's Federal Loan Modification Plan does not guarantee that your home loan modification application will be approved. There many other formalities which are lender specific that you must go through before the lender can sanction the loan modification application. For more tips and advice on Obama's Federal Loan Modification - visit my no nonsense loan modification guide at: http: //loan-mortgage-modification. net.Topics related articles：

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