Ever since the loan modification process has been initiated by federal government, there has been considerable reduction in the list of mortgage defaulters. It is a known fact that many mortgage loan homeowners are enjoying their stay in home and have more confidence than they had earlier.
Loan modification programs have already been executed and several servicers like banks and finance lending institutions are offering the benefits of federal programs to mortgage homeowners in the US. President Barack Obama has brought in popular and effective Home Affordable Modification Program (HAMP). The plan executed under the program is to help the homeowners to make the current home mortgage payments go easy simply by lowering the interest rates. The program is benefiting many financially struggling homeowners in the economically affected US. Not every mortgage homeowner can qualify under the federal HAMP. There are certain requirements and pre requisites that have to be stringently followed by the homeowner. Here is the thumbnail view of the minimum requirements expected from the homeowner:
• The homeowner should be staying in the home at the time when he/she has filed loan modification application.
• The federal HAMP program is not applicable for investment or commercial property. Further, the homeowner should also make sure that the property should be his/her primary residence.
• The mortgage loan should not be more than $729,750
• The homeowner should have to present in writing that he/she has the capability to repay the loan
Avail the benefits given under making home affordable programs stared by federal government. The modification program has brought hope and confidence in struggling homeowners in US. These struggling homeowners were finding it hard to pay all their mortgage payments on time, and as the result of which there was increasing fear of their home running into possible foreclosed proceedings. If you are applying for the home loan mortgage modification program, you should be aware about the entire loan modification process and what types of benefits are available to you under the program. Make sure that you become serious about the protocols given under the mortgage modification program.
There are many professional loan modification companies on the Internet that offer HAMP services to less informed mortgage homeowners. The services are offered for a fee. Homeowner should keep in mind that he/she hires the services of experienced HAMP professional. Also read through HAMP guidelines given on federal government website. XYZ is a senior consultant at XYZ.com, which is experienced HAMP loan expert company offering updated information on various decisive points in the HAMP loan modification process. We play instrumental role in easing the process for the needy mortgage modification lender who wants to gain benefits of mortgage modification program.
