How Mortgage Loan Modification Can Help You To Stop Home Foreclosure

Sept. 11, 2012 - PRLog -- It happens more than you’d think: Homeowners just like you are living under the cloud of foreclosure due to unexpected financial setbacks Whatever the reason for them, these setbacks have made it nearly impossible for these people to make their mortgage payments, leading to the threat of foreclosure. Scary as it is to be in that place, President Obama’s plan can help you, so don’t give up on your dreams of keeping your home.

The Obama HAMP (home affordable modification program) Loan Modification program is government sponsored and was crafted to give homeowners in tight financial spots a way to keep their homes when faced with the threat of foreclosure. Any borrower can qualify for a HAMP, but you must be delinquent or about to become delinquent on your current mortgage, and you must be able to show why that is the case. Your current mortgage payment must be more than 31% of your gross monthly earnings. Other than that, most applicants for a HAMP loan modification will qualify for it.

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HAMP is also referred to as the Obama Home Affordable Program and the Obama Home Affordable Mortgage Program. Whatever name it goes by, it all means the same thing: Help for hard-working homeowners like you. Before applying for this type of loan modification, it might be good to understand what the term “loan modification” means. A loan modification differs from a loan refinance in that there is no new loan drawn up. The terms you agreed to in your first mortgage are simply altered to make it easier for you to handle your monthly payments.  Once you are approved for a HAMP, you must go through a 3 month long trial period, during which your payment will be reduced to 31% of your gross monthly income. Once you have made that payment – in full and on time – for 3 months, you will be approved for a permanent loan modification.

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For more information about the Obama home modification programs, go to Credit-yogi.com and speak with one of their excellent customer representatives. They can answer any questions you have and are always there to help you.