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President Obama has come out with a new ‘loan modification problem’ that will help millions of homeowners save their foreclosed homes. There are certain eligibility criteria for getting this loan modification. There are a number of benefits though not every one can participate in these programs. For those that get left out, there is still further hope.
This new program is been called “Affordable Refinance Program”. The Federal administration is going to be investing $75 billion in this program. Millions of homeowners have seen the property of the value erode while still paying high mortgage amounts. Coupled with other recessionary elements in the economy, homeowners are unable to meet their mortgage commitments.
“Affordable Refinance Program”
To qualify for the loan modification program, homeowners must be staying in their primary residence and should have either a Fannie Mae or a Freddie Mac loan. You should also be current on the repayment of the loan. This means that homeowners shouldn’t have delayed the mortgage payments for more than 30 days in the last 12 days. The mortgage amount should be less than or equal to the value of the home, that the owners have as outstanding mortgage payment.
“Homes affordable modification” program
The Obama administration also has something for those that are currently unable to make the mortgage payments and are late on making the payments. This program is been called the “Homes affordable modification” program. For homeowners to qualify, they must have problems in paying their mortgage. It should be their primary residence, the mortgage should have been signed prior to January 1, 2009 and the amount of mortgage that is due should be equal to or less than $729, 750.
Those homeowners that don’t qualify under these schemes can still approach their lenders for loan modification to enable them to make their mortgage commitments.
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