Do you know about - Obama's Stimulus Plan - Could it Be Your Answer?
Today Mortgage Rates! Again, for I know. Ready to share new things that are useful. You and your friends.An tantalizing part of Obama's stimulus plan is the Home Loan Mortgage Modification. It is designed for the struggling home owner and has 75 billion dollars allocated to prevent foreclosures. Banks are given paid incentives to lower your payments, decrease your interest rates, and save your home using the loan modification agreement.
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If you are one of the 5 billion homeowners losing sleep over how you will make your next mortgage payment, this could be your answer. Have you already had to say the word foreclosure out loud? If so, you need to learn more about the home loan modification program. Let's take a look at the qualifications required for you to apply.
o Your financial situation must comprise a dramatic convert that was beyond your control. You lost your job, had a serious healing issue, the recent passing of a spouse, or even a divorce. Anyone the speculate may be, your expenses must have increased while your revenue decreased due to events that were beyond your control.
o Your current house cost (including payment, taxes, insurance, and homeowner dues) must be more than 31% of your monthly gross income.
o Your loan practice must be on the home loan modification approved lender list.
o The mortgage must be on your primary residence.
o Your primary mortgage must have been signed on or before January 1, 2009.
o Your mortgage loan must not exceed 9,750.
o You must prove your desire and potential to meet the reduced monthly payments of the loan modification.
If you meet the above criteria, the home loan modification could lower your interest rate, give you a longer term loan, possibly cut your principle, and waive your current late fees. As part of Obama's stimulus plan, this could lower your payments and stop an impending foreclosure, thus stimulating the economy starting in your front yard.
You should explore as much as you can about the home mortgage modification prior to contacting your financial institution. Salvage your home, and the safety of your family is top priority, make sure you have all of the information. Do not hesitate, do your research, and then feel your lender and get the loan modification process started today! Like all else in life, the home loan modification also has an expiration date! Act now and save your home!
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