Important Things To Remember About The Federal Loan Modification Program

During these hard economic times, it is not unusual to be in a situation where you are having a hard time handling your mortgage payment

. As a matter of fact, there are a lot of people who are either thinking of having a foreclosure or filing for bankruptcy. Since these are commonly the last options available, you should not make it your last hope. There is still the Federal Loan Modification program which you can apply for. But before you begin filling in the forms for this program, you should check first if you are eligible.

Once your mortgage due date comes and you still have insufficient funds to pay for it, don't panic. However you have to act thoughtfully and quickly. By getting approved for the program, you can still keep your home. But in order to do so, you have to apply for it first. Before you can even apply, you have to make sure that the home under discussion is your primary residence and that you are currently living in it. The mortgage should also be below $730,000 and have signed the contract before January 1, 2009. There are still other minor requirements you will need but once you are approved, you will have very rewarding benefits.

Among these benefits is that you will have a lowered interest rate. Once you get approved for the program, your monthly mortgage payment can be reduced to about 30% of your total income. This rate is adjustable and can go back up in just a few years. By then, you can be in a better financial situation and paying your mortgages will not be as difficult anymore. The best part about the program though is, you will not be required to pay any fee in order for these modifications to take effect.

After you check the requirements of your lender, you can then apply. However, you must remember that you are only given one chance to be approved. After this modification, foreclosure will be an unlikely event to occur. Because of this, you have to guarantee that you treat the awarded program properly and do it right the first time since you will certainly not be given a second opportunity to save your home. Aside from being given a lowered monthly fee, you will also be given ample time to get back on your feet.

Since the Federal Loan Modification program is not a solution that everyone can avail of, you have to think about it thoroughly before you start talking to the people behind it. And once you know you are qualified for this program, you should act quickly so that you can stop worrying about saving your precious home.

by: Walter Sigmore

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