Secure your Future by Availing the Federal Loan Modification Program
The federal loan modification program was introduced with the intention of saving millions of home owners from facing foreclosure due to non-payment of the first mortgage loan as a result of financial crisis. The economic down turn affected many people badly especially their finances because of which they couldn’t regularize their mortgage payment and this led to debt thus the Obama administration decided to provide loan modification help to all those people stuck with the question of whether mortgage refinancing is the only option left if they want to avoid losing their home.
When an individual decides to apply for the Obama loan modification program it is important that he/she fully understands the FHA loan modification requirements as well as guidelines because a single error can lead to rejection of the Bank of America loan modification plan. One should also know that the Federal loan modification program has several benefits apart from saving a home from being re-sold in the real estate market and retaining it for its owners. When someone takes loan modification help many other benefits also come along with it such as lower rate of interest or extension of the term period of repayment of the new refinanced loan. The Bank of America loan modification is mainly applicable to those people who have mortgages guaranteed through Fannie Mae or Freddie Mac.
The home affordable refinance program is a part of the home affordable modification program and the HARP scheme has been extended till June 2010 so that many more home owners can reap the benefit of mortgage refinance. The home affordable refinance program can chance a home owners life by the following features:
- Home owners who do not qualify for the traditional ways of refinancing their mortgages have to go for HARP which makes their mortgage loan more affordable after refinancing.
- Through the Obama loan modification program a home owner can lower the monthly fixed interest rate on the mortgage loan thus reducing the overall monthly loan repayment amount as well. Because of the fixed rate of interest charged on the loan secured under the Federal loan modification program an individual need not worry about the loan market with fluctuating interest rates.
- The loan modification help taken for saving ones home helps home owners to refinance up to 125% of their homes market value. This benefit can help people suffering from underwater mortgages to qualify for the Bank of America loan modification program.
- Another criterion to be eligible for the mortgage loan is to be updated on ones payment of the mortgage which means that one should not be more than 30 days late within ones year.
If one qualifies for the FHA loan modification requirements it can help you get out of trouble sooner than you expected. Applying for the Obama loan modification help is prevention instead of a cure as a home owner who can foresee his financial downfall or crisis or any other situation which is hampering his budget set for mortgage repayment can apply for the Obama loan modification program and get rid of any unforeseen emergency. The federal loan modification program is affordable unique and a savior in current times, and so its value should be utilized to its full.
Peter Norton is a regular writer on loanrefinance_modify678.com, a US based portal, which provides detailed information on bank of america loan modification program, FHA loan modification and FHA Streamline Refinance, Loan Modification Help and other related issues.
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