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Mortgage Loan Modification - 5 Crucial Facts About President Obama's Help For Struggling Homeowners
President Obama and his government introduced the new mortgage loan modification plans back in March 2009. Their intention is to help struggling homeowners and lower the overall costs of their mortgage. The government has injected a total of $75 billion into this project. In this article i would like to introduce you to the concept of mortgage loan modification and what it can do for you.
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1) You are eligible to apply for Obama's mortgage loan modification if you are currently behind on your payments. You are also able to apply for the refinance program if your current monthly mortgage payment is in excess of 31% of your monthly income.
2) Mortgage loan modification will mean that your mortgage payments will be lowered to no more than 31% of your monthly income. This will be achieved by either lowering your interest rate to as little as 2% or extending the term of your loan up to a maximum of 40 years. The new interest rate applied to your mortgage will be locked in place for the next 5 years and will be increased after that by 1% per year until you are back to the original rate.
3) Loan companies and mortgage providers can currently provide mortgage loan modification to reduce your payment to 38% of your monthly income. The government has subsidized the banks to ensure this now goes down to 31%. There are numerous other incentives offered to the banks by the government to ensure that the majority of mortgage providers take part.
4) You must be able to prove that you are in financial hardship in order to apply and be approved for Obama's modification of mortgage program. This may include having a mortgage debt that is more than your house is worth. Perhaps your mortgage repayments are much higher than your income levels will comfortably allow. Maybe you have lost your job or your income has decreased or your monthly expenses have increased considerably.
5) The mortgage loan modification program does have exclusions. If your property is worth more than $729,750 you will not be eligible. The loan MUST have been taken out prior to January 1st 2009 and you should still be living in the property. If your current mortgage is with Fannie Mae or Freddie Mac you only have until July 2010 to apply. All other homeowners who believe they qualify have up until 2012.