If you are like many homeowners who are struggling in the economy today, you have likely missed a payment or two on your mortgage, or been forced to pay little else but your mortgage because your income has been reduced to a low level. If you are at risk of defaulting on your existing mortgage loan, it might be time for you to look into a plan that President Barack Obama has crafted to help save homeowners from losing their homes to foreclosure, and to keep them from filing bankruptcy in order to save their homes.
This plan is called Obama mortgage loan modification. Modification of your mortgage means refinancing your mortgage to more favorable terms that allow you to realize a lower rate of interest and make a small, predictable monthly payment. To qualify for mortgage loan modification, your mortgage loan must be your primary mortgage (not a second mortgage) and you must owe less than $729,500 on the mortgage. Your mortgage must have been written and closed before January 1, 2009 and you must live in the home for which the mortgage is written (not a rental, investment or vacation property). You must be able to verify your current income with a tax return and copies of your most recent pay stubs or pay statements. You must also be able to present a letter that is handwritten by yourself and signed that details your financial hardship.
Modification of your mortgage will help you achieve more favorable mortgage terms. To qualify for modification of your mortgage under this government plan, you must owe less than $729,500 on your existing mortgage, and your mortgage must have been written prior to January of 2009. You must live in the home that is being mortgaged, and you must verify your income from all sources and document your income by way of tax returns, pay stubs and income statements. You must also present the lender with a handwritten affidavit of hardship that details what caused you to become unable to pay your mortgage. Your debt to income ratio should ideally be 31% or less, but if this ratio is 55% or more, you must agree to undergo credit counseling in order to modify your mortgage.
Modifying your home mortgage is optimal under the terms of the mortgage loan modification program. Lenders working under the terms of this program can refinance your monthly loan payment so that it is no more than 31% of your gross monthly income. The interest that you pay on the loan modification will be as little as 2%, but will average for most borrowers at around 4.5% or slightly higher.
Obama mortgage modification can help thousands of homeowners, although many homeowners may assume that they do not qualify and never seek out the modification of their mortgage loans, which can lead to foreclosure. It is estimated that as much as sixty percent of homeowners can qualify for modification of their existing mortgages under this plan. Modifying your mortgage can pay off big; in fact, some homeowners find that they are able to modify their loans to a low interest rate of 2% fixed, although the average rate is slightly less than 5%. If you are worried that you might lose your home, now is the time to consider mortgage loan modification under the Obama plan.
This plan is called Obama mortgage loan modification. Modification of your mortgage means refinancing your mortgage to more favorable terms that allow you to realize a lower rate of interest and make a small, predictable monthly payment. To qualify for mortgage loan modification, your mortgage loan must be your primary mortgage (not a second mortgage) and you must owe less than $729,500 on the mortgage. Your mortgage must have been written and closed before January 1, 2009 and you must live in the home for which the mortgage is written (not a rental, investment or vacation property). You must be able to verify your current income with a tax return and copies of your most recent pay stubs or pay statements. You must also be able to present a letter that is handwritten by yourself and signed that details your financial hardship.
Modification of your mortgage will help you achieve more favorable mortgage terms. To qualify for modification of your mortgage under this government plan, you must owe less than $729,500 on your existing mortgage, and your mortgage must have been written prior to January of 2009. You must live in the home that is being mortgaged, and you must verify your income from all sources and document your income by way of tax returns, pay stubs and income statements. You must also present the lender with a handwritten affidavit of hardship that details what caused you to become unable to pay your mortgage. Your debt to income ratio should ideally be 31% or less, but if this ratio is 55% or more, you must agree to undergo credit counseling in order to modify your mortgage.
Modifying your home mortgage is optimal under the terms of the mortgage loan modification program. Lenders working under the terms of this program can refinance your monthly loan payment so that it is no more than 31% of your gross monthly income. The interest that you pay on the loan modification will be as little as 2%, but will average for most borrowers at around 4.5% or slightly higher.
Obama mortgage modification can help thousands of homeowners, although many homeowners may assume that they do not qualify and never seek out the modification of their mortgage loans, which can lead to foreclosure. It is estimated that as much as sixty percent of homeowners can qualify for modification of their existing mortgages under this plan. Modifying your mortgage can pay off big; in fact, some homeowners find that they are able to modify their loans to a low interest rate of 2% fixed, although the average rate is slightly less than 5%. If you are worried that you might lose your home, now is the time to consider mortgage loan modification under the Obama plan.
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