How To Successfully Get The Home Affordable Modification Program
Recently the Home Affordable Modification Plan has helped many homeowners avoid the ravages of the declining economy and the rising foreclosure rate. It has offered hope to what seemed to be a dire situation.
This modification initiative was implemented in March by President Obama and is meant to help Americans hang on to their primary home. The main concept of this plan is to both reduce the homeowners monthly mortgage payment to a level that the lender can agree to but more importantly, a payment that the homeowner can fit into their budget.
This wonderful plan has proven to be a major break for those homeowners who have come close to losing their house and the government has allowed thousands of dollars to help give both the consumer and the economy a big boost.
Are you eligible for this program?
It is a great time to apply for help in paying off your mortgage. After all, you may be able to dodge any worries of high mortgage payments, foreclosure and you won’t have all of those nasty marks on your credit history. The government has set forth several guidelines that can help you in determining if you qualify for this initiative.
The main qualification is that you received your current mortgage prior to the beginning of this year.
Another major stipulation for qualifying for this initiative is that your home has to both your primary residence and owner occupied. If the subject property in non-owner occupied, has someone else residing in the home and paying you rent then you cannot qualify for this modification. Your home also has to be the place that you currently live. The best way to prove this fact during the application process is by simply showing proof of residency that has a recent date, your name, and address.
Your monthly income must meet specific guidelines as does your current unpaid mortgage balance. It is important to speak with a professional before applying for help.
During the application process, there will be several factors being evaluated with your income, expenses and assets being one of the biggest aspects. Be patient and take care to include everything you own that has any real value. Failure to disclose anything could lead to future difficulties and keep you from qualifying for this program or government assistance in later years.
If you are going through a bankruptcy, you may still qualify. These kinds of suits are common during times of financial turmoil and may not exclude you from the plan.
The initiative will be ending the end of December 2012, but all payments will continue for several months after the finish.
One of the most interesting facets of this program is that the government has decided to include an annual cash bonus for those homeowners who apply early, and are able to make their newly adjusted payments on time.
The Home Affordable Modification Program was put into place to help homeowners and their lenders avoid foreclosure and excessive mortgage payments. It is just one way that the government is trying to help resolve some of the major economic issues we are facing.
Discover if you can qualify before you apply for the Home Affordable Modification Initiative. Scott Pasinski has an stellar track record and has successfully assisted thousands of homeowners with reducing their monthly mortgage payments with the Home Affordable Modification Initiative.
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Tags: Home Affordable Modification, Home Affordable Modification Plan, Home Affordable Modification Program, loan modification, Making Home Affordable, Making Home Affordable Plan, Making Home Affordable Program, Mortgage loans, Stop Foreclosure, www.MakingHomeAffordable.gov
