Obama Loan Modification Program: Obama’s Loan Modification Program
Are you one of the millions of people struggling to keep up with their mortgage? Have your interest rates gone up too? If you are in the same situations that thousands of other people find themselves in every day there is help for you. Obama loan modification program is guaranteed to help those people in need of help. This is done by reducing the rate to as low as 2% and extending the mortgage to up to 40 years.
In order to understand the nuts and bolts of this loan modification program, let’s explore exactly what it could do for you, the home owner. It is designed to look at your mortgage, and then lower your interest rate. It could be set as low as 2% depending upon your financial situation. In addition, the home loan modification offers a very unique twist! If your payments are made on time, you could qualify for the Treasury to pay up to $5,000 towards your principle over a 5 year period.
Can the Obama 2% loan modification program help you? If your financial situation has worsened, due to the recession or other reasons and it is not your fault you can take part in this program. If your mortgage is more than your house is worth this program can help you. No other program will do this.
You will need to keep a copy of each document in case you are ever asked to verify your eligibility once approved. Be prepared, talk to your lending institution, and obtain as much information as possible. This will make the approval process, as well as any future verification stress free. Your first step should be to calculate your debt ratio. You can do this yourself; simply divide your primary residence monthly cost by your monthly gross income.
Landlords, employers and other loan companies use this information. This can prevent you from renting another property and can even damage your prospects of getting a job. Take action before it is too late and take advantage of this loan modification program while you still can.
Learn more about Obama Mortgage Relief Plan Qualifications.
Author: John Roney
This author has published 100 articles so far. More info about the author is coming soon.