The amount of families that have gone homeless, whether staying with family and friends, or have no place to go at all has increased during this time of crisis. Due to rising costs, loss of jobs, lowered wages, and other factors, it has become much more difficult to make enough of a living to support a family and make those mortgage payments.
If you are one of these families that are struggling to make ends meet and are on the verge of losing your home, then you should check out the loan modification program that the Federal Government is funding. There are many financial institutions that are participating in this, and they want to help you. They have specific criteria that you have to match to make you eligible. Some of those would include the date that your loan was taken out. It has to be before January 2009. Also, you need proof of your financial instability or future wage loss. Depending on how many units you home is you can only owe a certain amount on your mortgage. For example, the highest amount allowed owing on a one-unit home is $729,250.
When you are approved for this program, there are a few benefits you will notice right away. Two percent will be deducted from your interest rate; your mortgage payment will not exceed more than 38% of your gross monthly income; after three months of these payments, you will notice your principle amount being $1000 less. That is because the government will contribute $1000 to the institute every year instead of you paying it.
If you think you might qualify, apply and find out for sure. These modified payments will ease the strain and help you get out of a slump.
***Update***
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There is hope,
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