Steps To Help Insure A Home Loan Modification Article

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Steps to help insure a home loan modification

Making Home Affordable is a program which provides homes to 80% of all service lenders.

Author: Carla Ghosn

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A family is losing their home as you are reading this article. There are 5.3 million homes in America in foreclosure as of April 2011. You may be one of these families losing their homes. But there is hope! The government has a program called Making Home Affordable. This program is provided to 80% of all service lenders and it may be difficult to go through these steps of the program to qualify, but the results are great.

You get to keep your home and you will get your loan modified so your house payments can be more affordable to you. The way it works is that your mortgage company will send you a package of the program. The package includes required document such income validation and debt that you owe. Basically your lender wants to analyze your situation and make sure with all your debt and money earned that you would be able to afford the new monthly payment that is reduced. It sounds like a great deal, but where's the catch you might ask? Well the catch is that you have to meet minimum Making Home Affordable eligibility list as follows:

- The property must be your primary residence?
- The amount you own on your first mortgage is equal to or less than $729,750.
- You are having trouble paying your mortgage for some reasons; i.e. you have had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR you have suffered a hardship that has increased your expenses (i.e. medical bills)
- You obtained your current mortgage before January 1, 2009.
- Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31% of your current gross income.
- Your servicer must participate in the Making Home Affordable Program.

Working with your lender may be difficult; there are many other things they need in the loan modification package such as bank records, two years worth of tax returns, and possibly many other documents and forms. You can get help for a loan modification by applying online and getting your entire package ready there, a very similar approach to preparing your tax on TurboTax.

About Author

Carla Ghosan is CEO & Founder at Caal, Inc. She has completed her education from University of Pennsylvania - The Wharton School and Southern Methodist University. She is specialist in Sales, business development, venture capital investment, networking. For more information, please https://www.mycaal.com/

Article Source: http://www.1888articles.com/author-carla-ghosn-41839.html

Steps to help insure a home loan modification