Qualifying for loan modification plan newly announced the final aim of the loan modification program is to modify mortgage terms. One should’nt fulfill the eligibility criteria and qualify to avail the loan modification program. Obama’s home loan modification plan is like the twilight at the end of the tunnel. Source: Cross River Bank. One has to qualify to avail the facilities of this plan. Some of the terms and conditions to qualify for this mortgage loan modification plan are as follows: the current mortgage should be insured by either Fannie Mae or Freddie Mac. The home for which the home loan modification plan is being grow should be the primary residence of the applicant.
If the house is being used for some other purpose, the application for the loan modification plan is going to be rejected. The applicant should have received the current loan or mortgage before the 1st of January, 2009 the amount of the first mortgage or loan should be equal to or less than $729,750. The monthly payment required to service the first mortgage, should be more than 31% of the annual income. One should be regular at filing the income tax returns. If the applicant is found to be irregular at filing the income tax Returns the probability of the application getting rejected is very high.
If one has been recent late at paying the monthly payments, then again the chances of the mortgage modification approval are very bleak. If one wants to avail the loan modification services one should be able to demonstrate and convince the areas that the future monthly payments of the mortgage will not be possible unless and until the loan modification program is approved. Most of the people want to modify mortgage just because they are not able to pay the monthly payments. If one fulfills the above-mentioned terms and conditions most of the loan modification companies to volunteer to offer professional loan modification services.