Home Loan modification plan has turned out to be of immense help to the struggling homeowners in variety of ways. Loan modification data forms the part of FHFA’s Streamlined Modification Program. The purpose of the program was to ease the mortgage payments of the homeowners who are not in a position to pay their mortgage payments regularly and consistently every month. There was a sharp decline of 12 percent in the loan modification the banks and other finance institutions had stopped Streamlined Modification Program (SMP) and instead put to practice the federal government sponsored the Home Affordable Modification Program (HAMP). Under the HAMP, the struggling homeowner was given 3-months probation period in which the homeowner need to show that he/she was capable of making the modified loan payments. For those homeowners who actually do not qualify for HAMP, a short sale or deed in lieu comes into practice. Short sale or deed is also a better option as it doesn’t leave the homeowner stranded in foreclosure.
Get ready to avail federal government’s home loan modification program. The program has brought hope to distressed homeowners who are finding difficult to repay the monthly mortgage payments. Many of the homeowners who were waiting for the foreclosure also found mortgage loan modification program as the best option to prevent their sweet home from falling. The rate of interest charged was low, and this made it easy for the borrower to get out of heavy monthly mortgage loans. The modification is available to the homeowners under the HAMP. Check with your servicer on the mortgage refinancing terms and conditions given in HAMP.
If you are serious to know about Obama’s Streamline Loan Modification, then you need to discuss about your eligibility criteria with the HAMP experts. All of this will not take much of your time, and you will be in a comfortable position as well. If you are unemployed then you can apply for home affordable unemployment program.