In March of this year, the United States government announced a plan that was set into motion in order to help homeowners keep their homes and avoid the threat of foreclosure. This initiativegives every homeowner in financial duress a glimmer of light in an area that seemed so dark and it is called the Home Affordable Modification.
In February of this year President Obama put this initiative into effect in order to allow homeowners to keep their primary home. This initiative works by reducing the monthly mortgage payment a homeowner makes so that the mortgage fits into their budget.
It is amazing how much progress the mortgage bailout program has made and homeowners and lenders alike are jumping for joy over the benefits. It depleted the amount of their debt and took away a lot of the worries that have been weighting them down.
Are you eligible for this plan?
If you have found yourself in financial despair over mortgage lenders who are threatening foreclosure then the best thing you could do is quickly apply for this plan. In the process you can also protect your future credit score. There are set limits that will help you find out if you are qualify.
The main qualification is that you received your current mortgage prior to the beginning of this year.
It is vital that your home be both owner occupied and your primary residence or you will not qualify. To qualify, the property cannot be an investment and the house cannot be left sitting empty under the terms of this plan. The basics are that the house be your current residence. You will have to document proof of residency with some sort of bill with your name and address on it during the application process.
Your monthly income must meet specific guidelines as does your current unpaid mortgage balance. It is important to speak with a professional before applying for help.
One of the first things that will be verified during the process will be your expenses, income and assets. It is important that you cooperate fully through the entire vetting process and completely disclose everything of value that you are currently in possession of. This will save you a lot of future hassles and ensure that you are getting help and mortgage payments you can afford.
If you are involved in a bankruptcy, you may still qualify. These kinds of suits are common during times of financial turmoil and may not exclude you from the plan.
The program will be ending the end of December 2012, but all payments will continue for several months after the finish.
One of the most interesting facets of this plan is that the government has decided to include a cash incentive for homeowners who apply early and able to make timely monthly mortgage payments.
The Home Affordable Modification Program is a great way to get a boost on your home mortgage payments. It will not only help you with reduced mortgage payments, but also keep your home from being foreclosed.
Find out if you can qualify before you try to get the Home Affordable Modification Plan. Scott Pasinski has an stellar reputation and has successfully helped thousands of homeowners with reducing their mortgage payments with the Home Affordable Modification Plan.