Who is eligible for Mortgage Relief Loan Modification?
Have obtained the mortgage before Jan 1, 2009
Have the primary mortgage of less than $729,000
May be default or at risk of the default
The home should be owner occupiedWho is NOT eligible?
Speculators, who bought as investment property
Not a jumbo mortgage loan
Those who misrepresented their income in the home loan applicationWhat you should do?
If your total debt (like car loans etc) is more than 55% of your income, you are still eligible but should undergo debt counseling.
You should prove that you have income to make loan repayments.
Refinance mortgage loan to low interest rates, rates cannot be less than 2%
The lender will lower the monthly payment to 31% of the gross income.
The refinance will last for 5 years
Borrowers who are prompt in making loan repayments will get incentive bonus of $1000 per year for 5 yearsIt is estimated that this could benefit 8 to 9 million homeowners from the new home loan modification procedures. Even if you don't meet the above eligible requirements you might still qualify for other Mortgage Modification Programs.
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