modify mortgage loans, loan modification, Bank of America-loan modification When you are out to modify mortgage loans, it is imperative for you to know the eligibility criteria otherwise your application could get rejected straightaway. Typically, the Obama loan modification program is aimed at helping struggling house maker to stay in their homes by preventing banking foreclosures. Read more here: Expedia. But to avail the benefits of the plan, borrowers need to satisfy certain requirements as stipulated by the rules of the federal plan. And that could require expert guidance. LoansStore offers professional services to help distressed homeowners in understanding the guidelines of the federal loan modification process and assisting them in preparing the documentation work too so as to qualify for a loan modification under the government scheme. Under the federal loan modification program, incentives are offered to both, the participating mortgage loan modification the lender and the borrower who maintains regularity in paying monthly mortgage installments.
In order to derive this benefit and much more, a house maker needs to headed understand the government loan modification guidelines. To understand this better, suppose you have secured a home mortgage loan from Bank of America prior to or on 1st January 2009, then to be eligible for a Bank of America loan modification plan, you need to satisfy the following rules. The home to be mortgaged should be a primary residence of the applicant. The value of the existing home mortgage should not exceed $729,500 for a single unit home. Only first mortgages can be eligible for a loan modification which means that second mortgages are not approved.
To avail loan modifications under the federal program, the current mortgage payments should be more than or equal to 31% of the borrower’s great monthly income. The above guidelines need to be properly understood as it could convince your lender that you are in dire need of a loan modification. This could help you to lower your monthly mortgage payments. To get more information about Obama loan modification qualifications, you should consult our loan modification specialists. This could enable you to secure expert advice when applying to get approved for the federal loan modification process. Click here to find out whether you qualify for a loan modification today!
