Getting a home loan modification from Freddie Mac can allow you to get a lower monthly payment, and save your home. Now, with new programs funded by the Government, millions of struggling homeowners can get the help they need to prevent, or stop, foreclosure. Want to know how to qualify and apply? Here is some help which can get you started.

So, Who will qualify for a mortgage modification from Freddie Mac with this new Government program?

-Homeowners in financial hardships such as a loss of job, reduced income, divorce, medical bills, an increasing ARM loan, or many other financial problems.

-Homeowners must be able to verify there income and assets, and also the fact that after a mortgage modification, they will be able to afford the payments with the budget they have set. Freddie Mac will also require that you have a financial statement which will state all sources and amounts of income, as well as all sources and amounts of debt.

-The mortgage you are attempting to get modified must be for a home that you live in as your primary residence. The Governments stimulus plan, Fannie Mae and Freddie Mac do not offer assistance for struggling homeowners on their second, rental, or investment homes. Also, the loan must have been started and signed on prior to January 1st 2009, and be for less than $729,500.

Homeowners who can meet these requirements will most likely get approved for a mortgage modification from Freddie Mac. This plan is simple, and the guidelines are the same for everyone. Mortgage payments after a modification using this Government program and Freddie Mac will not exceed 31% of a homeowners gross monthly income. This payment amount includes all taxes, insurance, and other home costs, and will save a lot of people a lot of money.

-M Petrone

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