How to Apply now for Loan Modification Program
March 5, 2009 by David
Filed under Real Estate
President Obama’s government loan modification and loan refinance program part of the gov bailout package was announced on March 4 2009. At first glance it appears to be somewhat complex with a number of rules and requirements for qualification.
Rather than analyze it here in much detail we suggest the best option for you to pursue if you need help with your mortgage payments is to visit to the new government website FinancialStability.gov and apply for the refinance or modification programs immediately.
Apparently there are two different programs from what we understand. One involves modifications providing you are no more than 5% underwater and 60 days or more past due on your home loan payments. The other apparently relates to homeowners who are current with payments but possibly are more than 5% upside-down. Please do not quote us on that and investigate the Affordable Home Modification plan yourself because the program facts, rules and requirements are not real clear at this time.
