How Can Home Mortgage Loan Modification Help You?

Home loan modification is a popular new idea is home loan modification, which is changing the original terms on your mortgage to be more flexible or affordable.

The administration of Obama has given many Americans a chance to easily modify their original mortgage loan. There are certainly benefits, not everyone is eligible for home mortgage loan modification.

Obama plans to invest 75 Billion dollars to help homeowners under the new Tarp II plan. The plan can benefit are those that are current on their mortgage payments, but have lost their some property value due to the economy. The government of USA is calling this the Affordable Refinance program. This will help consumers that cannot refinance their current home due to a lack of equity. In order to qualify, you must meet the following criteria:
• You must have a Fannie Mae or Freddie Mac loan.
• You must be current on your mortgage payments.
• You must have your home as your primary residence.
• The amount you owe on your mortgage must be the less than or equal to the value of your home.
Homes Affordable Modification is another program for those who are on payments or struggling with their current mortgage.
To qualify you may need to meet the following:
• The amount you owe on your first mortgage must be less than or equal to $729,750.
• You must be having trouble paying your mortgage.
• You must have your home as your primary residence.
• Your mortgage must have been signed prior to January 1st, 2009.
These are the two groups of people the government can help, however just because you may not qualify for the above criteria, doesn’t mean you can't get help elsewhere. There are a variety of services available for mortgage loans and loan modification.