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Will You Meet The Requirements For Obama’s Federal Loan Modification Program?

18. August 2010 - 10:00

The Home Affordable Refinance Program announced by President Barack Obama is a $75 billion program to help up to nine million homeowners, avoid foreclosure, further increased by $200 billion in additional backing for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages. The plan uses cost sharing and incentives to encourage lenders to reduce homeowner's monthly payments. A lender would be in charge for reducing total monthly mortgage payments to no more than 38 percent of the borrower’s income, with the government further reducing the payment to 31 percent. It also allows pardoning a part of the borrower’s mortgage balance. Mortgage modification companies like Loans Store has wide network of attorneys nationwide to help you with your making home affordable program.

The target of the program is working with their lenders to lower monthly mortgage payments. The program was built as cooperation with banks such as Bank of America loan modification, credit unions, the FHA, the VA, the USDA and the Federal Housing Finance Agency, to create standard loan modification guidelines for lenders to take into deliberation when evaluating a borrower for a loan modification. It is now looked upon as the industry standard practice for lenders to analyze home affordable modification program.

The Eligibility Criteria Require:

  1. Loans of on or before January 1, 2009
  2. First loans on primary residencies with unpaid principal balance up to $729,750
  3. Higher limits for owner-occupied 2-4 units
  4. Fully documented income with proof of income (i.e. paystubs or tax returns), and must sign an affidavit of financial hardship
  5. Occupancy status verified through borrower credit report and other documentation
  6. If borrower is at imminent risk of default

Rewards for loan modification to make up for lower interest rates will be borne by the government aid. The borrowers are also offered incentives to meet repayments of $1000 per year for 5 years.
Get Approved for Obama’s Loan Modification Program

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