by John Roney
Having problems with your mortgage payments is not something uncommon these days. A lot of people have started to see foreclosure as a depressing event which is likely to happen and a solution was needed. Luckily, you can always try the federal <a href="http://obamamortgagereliefplanqualifications.com/mortgage-assistance/loan-modification-qualifications/">Loan modification qualifications</a>
program and see how that works. First, make sure that you can qualify.
The first step is to determine who exactly holds your loan. This is not a complicated step, nor is it an unusual one. Many borrowers pay their monthly mortgage fees to their lender without knowing whom actually holds the mortgage. To find out as a Chase borrower, simply call Chase and speak to a customer service representative, who should then be able to provide you with the requested information. If your loan is insured by Freddie Mac or Fannie Mae, it is an extra bonus for you, since you would then be qualified for a government program that limits your payments to no more than roughly one-third of your monthly income.
First you will need a statement showing your willingness to keep your house. A hardship letter will also be necessary in describing the event that has forced you to get behind on your mortgage payments. The Hardship should include loss of job, reduction in pay, medical illness, costly medical bills, a sudden and significant interest rate increase on an adjustable rate mortgage (ARM), etc.
You will need to show the ability to afford a reasonable lower monthly payment. If the lender is unable or unwilling to reduce the monthly payment to an amount you can afford, you won't have a successful loan modification. You will also need to include W-2's, current credit report, pay stubs, federal income tax returns, bank statements, etc. In order to determine whether you qualify for a loan modification, lenders take a close look at your debt to income ratio (Debt Ratio = Total Monthly Payments / Gross Monthly Income).
This plan won't work for everyone. If you are interested, you need to consult a loan modification company and ask for their opinion. In just a few days, you will know if you can avoid foreclosure and start your life without this type of problems. The sooner you start searching for a company, the sooner you will get an answer and you won't have to worry about foreclosure anymore.
Learn more about <a href="http://ObamaMortgageReliefPlanQualifications.com">Obama Mortgage Relief Plan Qualifications</a>.
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New Unique Article!
Title: Loan Modification Qualifications: The Federal Loan Modification Program
Author: John Roney
Email: support@apprenticepress.com
Keywords: Loan Modification Qualifications,modification, loan, modify, financial, borrowers, guide, bills, credit, qualification
Word Count: 399
Category: Loans
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