Federal Loan Modification agenda Guidelines

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Obama's stimulus container explication for homeowners is called The Home Affordable Modification or "Ham." The Ham provides financial incentives to homeowners and banks for completed loan modifications. If you qualify, you may be able to modify your existing loan to a lower monthly cost (less than 31% of monthly income) through, lower interest rate, potential longer loan term and maybe even forgiveness of a part of the principle. We will discuss the qualification guidelines, and which lenders are popular ,favorite to offer this stimulus money.

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Qualification Guidelines
There are criteria that you must meet to qualify for a loan modification under this federal plan:
· You home must be your original residence.
· Your loan must have been written before January 1, 2009.
· Your mortgage must be less than 9,750.
· Your current monthly mortgage payment, insurance, taxes and any homeowner dues, must be more than 31% of your gross monthly income

Approved lenders

Lenders must be popular ,favorite to offer these federal loan modifications. Not all lenders are on the popular ,favorite list, and more are being added daily. If your lender is not on the list, still perceive them to see if they have been added. This will give you a head start.

The following lenders are on the list that have signed their formal agreements and are gift the federal loan modification plan to homeowners:
1. Aurora Loan Services Llc
2. Bank of America, Na
3. Carrington Mortgage Services, Llc
4. Chase Financial Llc
5. CitiMortgage, Inc
6. Countrywide Home Loans Servicing Lp
7. Gmac Mortgage Llc
8. Green Tree Servicing Llc
9. Home Loan Services, Inc
10. Nationstar Mortgage Llc

The Federal Home Affordable Modification plan that Obama signed into law only allows for one application for assistance, so be sure you get it right the first time. Before contacting your bank, be sure you understand the guidelines. Being prepared, correctly and thoroughly filling out the application packet and presenting a convincing case of your financial hardship and quality to meet the modified cost will give you the best occasion for approval.

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