In today’s world of mind boggling recession and inflation, it has become quite difficult for people to make both ends meet let alone be regular in making mortgage payments. Now this deferment in mortgage payments may mean an approaching foreclosure which, keeping in view the current world scenario is something one can hardly afford. So, this is when it gets vital to know how to get a mortgage loan modification.
Well, Obama’s administration has taken some important and beneficial steps for all the troubled homeowners by launching HAMP. Now, while federal loan modification is meant to save the homeowners from losing their homes yet you really need to know exactly what it takes to get a mortgage loan modification. There are a number of requirements which you need to fulfill to improve your chances of getting approved.
Eligibility Criteria:
- Your loan must not be older than Jan 1, 2009.
- It should not be more than $729,750
- The home you have taken mortgage for should be your primary abode.
- The payments you are paying now need to be exceeding the 31% of your total salary per month.
- Most importantly, you need to be encountering financial adversity to become eligible for federal mortgage loan modification.
Other Requirements:
Well, if you find yourself meeting all the eligibility requirements you need to concentrate on the next step towards getting a mortgage loan modification since this program, being in-demand requires you to put in quite an effort. For instance, you have to fill an application form which contains thorough information about your income and expenses. Aside from this, you need to prepare an outstanding hardship letter which explains your financial predicament convincingly and properly verifying how your financial situation has deteriorated and the steps you took to improve it etc. You can take help of an attorney, in case you are not sure on how to get a mortgage loan modification and the things you will need to avoid so that the modification application does not get rejected. Attorneys have in-depth know-how of the matters related to the loan modification and will guide you through this process effectively.
Therefore, if you don’t how to get a mortgage loan modification, keep in mind the above mentioned eligibility criteria and requirements or hire a lawyer.
Article Source: http://www.articlesbase.com/mortgage-articles/how-to-get-a-mortgage-loan-modification-4658417.html
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Tags: eligibility criteria, eligibility requirements, federal loan, federal mortgage, financial adversity, getting a mortgage, hardship letter, mortgage, mortgage loan modification, mortgage payments, world scenario