An exciting part of Obama's stimulus plan is the Home Loan Mortgage Modification. It is designed for the struggling home owner and has 75 billion dollars allocated to prevent foreclosures. Banks are given paid incentives to lower your payments, decrease your interest rates, and save your home using the loan modification agreement.
If you are one of the 5 billion homeowners losing sleep over how you will make your next mortgage payment, this could be your answer. Have you already had to say the word foreclosure out loud? If so, you need to learn more about the home loan modification program. Let's take a look at the qualifications required for you to apply.
� Your financial situation must include a dramatic change that was beyond your control. You lost your job, had a serious medical issue, the recent passing of a spouse, or even a divorce. Whatever the reason may be, your expenses must have increased while your income decreased due to events that were beyond your control.
� Your current house payment (including payment, taxes, insurance, and homeowner dues) must be more than 31% of your monthly gross income.
� Your loan institution must be on the home loan modification approved lender list.
� The mortgage must be on your primary residence.
� Your original mortgage must have been signed on or before January 1, 2009.
� Your mortgage loan must not exceed $729,750.
� You must prove your desire and ability to meet the reduced monthly payments of the loan modification.
If you meet the above criteria, the home loan modification could lower your interest rate, give you a longer term loan, possibly reduce your principle, and waive your current late fees. As part of Obama's stimulus plan, this could lower your payments and stop an impending foreclosure, thus stimulating the economy starting in your front yard.
You should research as much as you can about the home mortgage modification prior to contacting your financial institution. Saving your home, and the security of your family is top priority, make sure you have all of the information. Do not hesitate, do your research, and then contact your lender and get the loan modification process started today! Like everything else in life, the home loan modification also has an expiration date! Act now and save your home!
To save your home,
click here to learn more about Obama's
home stimulus package
