| There are many people that due to today's | | | | must be less than $729,750.00. |
| economy, are struggling to make their monthly | | | | * You do not have to currently be delinquent. |
| home payments. Perhaps you are one of those | | | | However, you must be able to document that |
| people who took out a mortgage that had | | | | making your current payment is causing a financial |
| adjustable interest rates or a balloon payment. | | | | hardship. |
| Many people have also lost their jobs which has | | | | * Your mortgage payment should equal at least |
| just devastated their monthly financial picture. | | | | 31% of your gross monthly income. |
| President Obama has a plan that will help you find | | | | You will need to be prepared to show |
| a way to keep your home. | | | | documentation of your financial hardship. For |
| The Loan Modification Program was designed to | | | | example, if you or a family member is facing |
| help people who fall into two categories; those | | | | huge medical expenses that are making it difficult |
| who are struggling to remain current on their | | | | if not impossible to make your payment. Or, |
| mortgage and those who are already delinquent | | | | perhaps one or more members has had a change |
| on their payments. There is $75 billion set aside | | | | in employment which is causing you a financial |
| with the hope that between 7 and 9 million | | | | difficulty. In either case, the paperwork to |
| Americans will be able to stay in their homes. | | | | substantiate your claim must be in order. |
| If you believe you might qualify for one of the | | | | Although banks and mortgage brokers are not |
| above situations, then here are some guidelines | | | | required to participate, the government is |
| that you should know: | | | | providing incentives to them. Also, you will receive |
| * Your home must be the primary place you live. | | | | a bonus if you are able to remain current on your |
| * You can include a second mortgage in the plan. | | | | new house payment. For example, after the first |
| * There are no mortgage fees for applying for | | | | year, you will be given $1,000.00 towards your |
| this program. | | | | principle. This will happen for five years which will |
| * Not all banks or mortgage lending institutions are | | | | add up to $5,000.00 just for making your |
| participating so you need to shop around. | | | | payments on time. |
| * Your current mortgage must have been | | | | Don't risk losing your home. Find out how you |
| obtained prior to January 1, 2009. | | | | may qualify for a Home Loan Modification and get |
| * The total amount of your owed mortgage | | | | your finances back on track. |