Millions of families have already had their homes taken away from them because of missed payments, and there are millions more that are at risk of that same thing. The Federal Government is trying to avoid this situation by creating a loan modification program that they are willing to invest 75 billion dollars in. This program is created for those families in dire need of help because of extreme financial difficulty.
Of course, there are some requirements that you must fulfill in order to qualify for loan modification. For various sized homes, there are only certain amounts that you are allowed to owe on the principle. An example of this is if you owe on a one-unit home, then your principle must be less then $729,250. The loan must have been taken out before January of 2009, and it must be on the lived in primary residence. You have to back up your claim of financial strain with documents from the bank including those concerning income and your loan.
If you are approved for this program, the interest rate that you are paying will be reduced by 2%, and your monthly payment will not be more than 38% of your gross monthly income. You will also receive a $1000 deduction from your principle three months after you start making the modified payments. The government will pay this amount for you.
The government is encouraging anyone who thinks they might qualify to apply for this program. Even if you are skeptic, you can try it anyway. In the end if you are approved it will make life a little easier for you and your family.
***Update***
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