If you are having extreme financial hardship because of this crisis, and you are afraid that it might even come to you end up losing your home, then you may want to consider applying for the loan modification program implemented by the Federal Government. Though other loan modification programs have not had a very high success rate, the plan is revised based on the assumption that a family will not leave their home if they can afford to keep it.
This program offers the home owner, once approved, a decreased interest rate by 2%; a monthly payment not more than 38% of the family's monthly gross income; a reduction of $1000 on the principle amount after three months worth of payments are made. These three advantages can help ease the pain almost immediately.
If your loan was taken out prior to January 2009 and it is on your primary residence then you have fulfilled the first two requirements. The third is that you need to prove through documentation that you are enduring great financial burdens or will be in the near future because of cut or lost wages. You will need to have the papers available concerning your loan and how much you owe as well as anything else of relevance.
For anyone in a difficult situation who is in danger of losing their home, this could be a way for you to change that. For more information regarding the rules and requirements check out the United States Federal Government website. You can do a general online search as well; however, you have to be careful of those sites trying to sell you this information.
For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/
Article Source:http://www.articlesbase.com/finance-articles/federal-government-to-help-5-million-families-with-loan-modification-program--1282203.html
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Federal Government to Help 5 Million Families with Loan Modification Program
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