The Government is offering help to struggling homeowners with a federal loan modification plan. This subsidized program is called Obama making home affordable program and is funded with $75 billion dollars of your tax money. If you are facing a financial hardship, don't wait to apply for relief using this very aggressive plan. The approval guidelines are standard for everyone, so follow this checklist when you apply to make sure you will qualify.
If you know that you will soon be struggling to make your mortgage payments, but have not yet been late, you could easily go to your lender and begin the loan modification process yourself. This will require your complete financial profile with all supporting documentation and a letter of hardship that explains both the reason for you current situation as well as how you will keep up with your payments once the modification is complete.
Under these programs, you may have the chance to reduce interest rates, extend loan life up to 40 years, and even have part of the loan deferred. In addition, homeowners could have their late fees and penalties forgiven. Even if they are not currently late on their payments but are at risk of defaulting in the near future, they may be able to participate in the mortgage loan modification program.
Another factor that might indicate a loan modification attorney is a good idea is if your mortgage is from a predatory lender. These mortgage companies gave high interest mortgages to under qualified applicants during the mortgage boom. These banks are interested in making money only and do not generally have your best interests at heart. An attorney will know how to hold these lenders to the line and get you the modifications you need to make your loan manageable.
You can get the help you need to apply and qualify for a government loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.
If you know that you will soon be struggling to make your mortgage payments, but have not yet been late, you could easily go to your lender and begin the loan modification process yourself. This will require your complete financial profile with all supporting documentation and a letter of hardship that explains both the reason for you current situation as well as how you will keep up with your payments once the modification is complete.
Under these programs, you may have the chance to reduce interest rates, extend loan life up to 40 years, and even have part of the loan deferred. In addition, homeowners could have their late fees and penalties forgiven. Even if they are not currently late on their payments but are at risk of defaulting in the near future, they may be able to participate in the mortgage loan modification program.
Another factor that might indicate a loan modification attorney is a good idea is if your mortgage is from a predatory lender. These mortgage companies gave high interest mortgages to under qualified applicants during the mortgage boom. These banks are interested in making money only and do not generally have your best interests at heart. An attorney will know how to hold these lenders to the line and get you the modifications you need to make your loan manageable.
You can get the help you need to apply and qualify for a government loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.