These modifications will be very helpful for the homeowners and unemployed US citizens. The applicant, who will be getting approval as per the Home Affordable Modification Program Guidelines, can get the quick relief from the financial crisis. To achieve the affordable rates of mortgages, some loan modifications will be made and there are certain defined criteria to be eligible for the benefits of these modifications.
The initial questionnaire is prepared, including following questions such as:
1) Are you living at the home which is the principal residence?
2) Are you struggling with the financial crisis?
3) Is the amount of your Loan is less than $7, 29,750?
4) Did you apply and receive the loan before 1st January, 2009?
5) Is your gross income equal or less than the payments, you are making for your loans?
After answering these basic questions, you will be asked to provide certain details about your assets, expenses and income.
Below given are some Home Affordable Modification Program Guidelines for the Homeowners and Unemployed debtors:
You must be staying in your primary residence only.
Your primary residence must not be vacant or rented to others. The homeowner will have to furnish the recent utility bill or other supportive proofs.
The mortgage payoffs must not be increasing: 1 Unit: $729,750, 2 Units: $934,200, 3 Units: $1,129,250, or 4 Units: $1,403,400
The homeowner must be facing the financial crisis presently.
Once the Loan Modification is made, it cannot be modified again.
The home value must be assessed before 60 days back.
The income verification will be done, and the homeowner will have to furnish the recent pay check stubs.
The debtors will have to prove the lenders that they do not have enough money to repay the loan.
If the loan amount if more than 55% of the gross salary then Bankruptcy counseling sessions are must to attend and the debtor need to get the certificate from the counseling authority.
If, you are unemployed and looking for a job and currently paying for the mortgage loan, then Obama's Loan Modification Assistance can be very helpful. But you must be staying in your Primary residence only. Under the Loan Modification for Unemployed program, the unemployed homeowner will be asked to pay mortgage payments at a very low rate.
Thus, it can be said that it is very essential to know about the Home Affordable Modification Program Guidelines, if you want to know about them in details, there are many software programs that can help you to calculate the debt ratio, targeted payments, total assets, total liabilities and many more.
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