Mortgage Modification Program – Designed to help people get back on their feet financially
Most people face the threat of foreclosure on their homes and the mortgage modification program is designed for these people. The current government has taken the feelings and sentiments of the people very much into account and has issued the housing stimulus package to help these homeowners. The housing stimulus plan includes a loan modification program along with other programs to refinance your home loan.
However, loan modification is definitely better in all respects compared to refinancing your home loan. You should first know that this program is meant to be a right of the people and should not be confused with begging for your house or for mercy due to your financial crisis. It is your right to apply for the loan modification program in current situations. You should check your lender’s requirements and try to meet them and fill out the application form accurately to improve your chances of approval.
The government has planned this stimulus package with many things in mind. When people are free of the financial burden of paying off their home or the stress of losing it, they will automatically turn their attention to other parts of their lives. This will stimulate the economy of other sectors, which will ultimately translate into employment in various sectors. Then the company’s economy will start to breathe and that will be possible when the average people are relieved, which in turn is due to the mortgage modification program.
However, the basic requirements for approval of a loan modification program are that you must reside in your home, the existing or original loan must be taken before January 2009, the total amount of the mortgage loan must not be more than $729,750 and you must be able to show the documents that verify the changes in your income and expenses and the main cause behind your financial crisis. You need to be ready with the documents so there are no delays in the verification process. Once your application is approved, you will be eligible for your original home loan modification on acceptable terms and affordable fees.
The loan modification program is exactly what you need right now, and don’t forget that there are millions of people applying for it. So be careful and double check everything before submitting so that you don’t make a single mistake on your part.