Obama's Mortgage Modification - Do you qualify?

Who is eligible?

• You should have kept current with mortgage
• 20% equity in the house
• May be default or at rick of default
• The home should be owner occupied

Who is NOT eligible?

• Speculators, who bought as investment
• The property values has dipped by more than 5%
• Should not be a jumbo mortgage
• Those who misrepresented their income in the loan application

What you should do?

• You should prove that you have adequate income to make loan repayments.
• If your total debt (like car loans etc) is more than 55% of your income, you are still eligible but should undergo debt counseling
  
• Check the Mortgage Modification Website to see if you qualify for Loan Modification
  

Benefits you will get

• Refinance mortgage loan to low interest rates
• The lender will lower the monthly payment to 31% of the gross income.
• Borrowers who are prompt in making loan repayments will get incentive bonus of $1000 per year for 5 years
• Interest rates cannot be less than 2%
• The refinance will last for 5 years

It is estimated that it could benefit 8 to 9 million homeowners from the new modification procedures. Even if you don't meet the above eligible requirements you might still qualify for other Mortgage Modification Programs.

Click here to see if you qualify for Mortgage Modification Program

Every day you put this off is probably costing you money.