If you are trying to qualify for the Obama loan modification program, there are a few things you need to know. Many people could qualify, but what you tell your lender could make or break your chances.
There are strict guidelines for qualifying for this loan modification program. If you try to call your lender yourself, you could very easily get denied. We see this happen time and time again. If you tell your lender you make too much or too little you will be denied.
The Obama loan modification program is actually very good for homeowners. If you do get qualified, you will reduce your mortgage payments to 31% of your total income. This is accomplished in a few ways.
1. Your lender will reduce your interest rate. The can lower your interest rate down to 2% under these guidelines. If this does not get your payments down to 31% of your total pre tax monthly income, they move on to the next step.
2. Your lender will extend your terms. If they lower your interest rate all the way down to 2% and you still do not come in at 31%, they will extend your terms. For example, if you are in a 30 fixed loan they will modify your loan to a 40 year loan to reduce the payment.
3. If you still do not meet the 31% requirement, your lender will then reduce your principal. They can also defer your principal to a later date. All of these options are great, because if you are struggling to make your mortgage payments this is going to lower them significantly.
If you have tried to call your lender and were denied the Obama loan modification program, or you want to make sure you qualify, you can contact a reputable loan modification company.
For more information on this, you can click on the links below. This company is comprised of experts who know the Obama loan modification program (or home affordable modification program) backwards and forwards. They will ensure you are within the necessary guidelines to make sure you qualify and reduce your monthly payments to something you can now afford.
For more information on Obama's loan modification program, just visit these links: obama loan modification and obama's loan modification. Make sure you check out the blog for the most up to date information!
