You have probably heard of the government bailout for banks, but did you know there is a bailout for homeowners in the form of a Bank Loan Modification? Due to the economic slowdown, millions of homeowners are finding themselves unable to pay their house payment. They will receive help through the government's stimulus package in the form of a reworked loan that will provide a more affordable house payment. The government is encouraging banks to rewrite existing loans by giving them $1,000.00 for each modified loan.
Do you qualify for one of these mortgage bailouts? Are you struggling with your monthly mortgage payment? If you have experienced financial hardship, due to uncontrollable events, you may qualify. If you have lost your job, had escalated medical bills, gotten divorced, lost a spouse through death, been activated to military duty, or some other event that impacted your finances, you are experiencing financial hardship.
There are other application guidelines, of course:
1. The home is your primary residence.
2. The loan was written originally before Jan. 1, 2009.
3. The amount is not more than $729,750.
4. Your house payment is more than 31% of your gross monthly income right now, and that is why you can't afford it.
5. Your lender is on the Treasury Department's Approved Lender List.
6. Your loan is a Freddie Mac or Fannie Mae Loan.
7. Besides financial hardship, you must prove you do have sufficient income to make the new payment without a problem.
You may encounter some other application requirements set up by the government or your lender, but this is a general overview. Before you contact your bank, find out everything you can concerning your qualifications. Get everything in order and all documentation compiled, and then contact your bank. The reasons for this are two-fold: you only get one opportunity to apply and this allows you to present your case in a better light.
To save your home,
click here to learn how to get qualified for Obama's
mortgage modification loan
