President Obama's Mortgage Loan Modification - Do you qualify?

Who is eligible?

• Have obtained the mortgage before Jan 1, 2009

• Have the primary mortgage of less than $729,500

• May be default or at risk of default

• The home should be owner occupied

Who is NOT eligible?

• Speculators, who bought as investment

• 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 Money Solution's own Loan Modification Specialist, Ravi Singh, to see if you qualify for Any Loan Modification Benefits such as:

• 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.  Feel free to contact me through this form for more details.  Every day you put this off is probably costing you money.

- By Ravi Singh
 

Ravi is an expert in the lending industry.  Ravi has over 12 years experience in the mortgage industry and real estate investing. In addition to consulting clients in the real estate and lending industry, Ravi is a featured financial columnist for MoneySolution.com .

Click here for a Free Mortgage Analysis from Ravi.

Discuss this Topic