Were you a victim of an unexpected medical emergency? Do you now have a mountain of debt? Is paying your mortgage harder and harder every month? Are you being threatened with foreclosure? You may be a candidate for a Federal Loan Modification.

When an unexpected medical emergency happens it is a horrible feeling. When you recover from the illness no one is ever ready for the damages those bills are and will cause. Cases like these are considered financial hardship cases. President Obama has passed a stimulus plan that will help those in dire financial hardships.

What can be done to dodge foreclosure? Here are some guidelines that will help:

·The home that needs the loan modification or refinance must be your primary home. You have to spend 51% of your time living in that home.

·You must also be spending 31% or more of monthly income on your mortgage including any taxes, association dues and insurance. The original loan must also not be more than $729,750.

·Your original home loan must also have been written and signed before January 1, 2009 and also must have be issued or backed by either Freddie Mac or Fannie Mae.

·You must also be able to show and prove that you are in a financial hardship situation. Your current situation could have been caused for many different reasons i.e. decrease of income, loss of job, medical expense etc, you will be asked to provide documents to prove your reasons.

·Finally you will need to work out a budget plan. The plan you create must prove that if approved for this loan modification program you will not default again.

Don’t wait to long to apply for this loan modification program. The Federal modification program will end December 31, 2012.

-M Petrone

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