Those that may currently be in a situation where they cannot stay on top of their mortgage payments probably are in dire need of help. If their situation does not change and change quickly, the may end up losing their homes. This is where the new loan modification program supported by the Obama administration may prove helpful. This program is designed to promote the alteration of the original loan agreement. This is done to reverse the potential for foreclosure to occur since foreclosures present chaotic economic ripple effects the economy flat out does not need.
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There are a few common misconceptions regarding this program. The most blatant misconception is that anyone can sign up for the program. That is completely inaccurate! Certain qualifying criteria must be met in order to be approved for the program.
Thankfully, the qualifying for the loan modification process is not all that complicated. Basically, you need to fall into certain specified criteria. The reason for this is fairly obvious - no one wants to see people that are completely unqualified and undeserving to receive federally funded help. That certainly would not be fair to those that truly deserve the help. Imagine if they were denied funds because people that really are in a position to pay their mortgage opted to leech from the system. Again, this would be the antithesis to fairness.
How can you qualify for the loan modification program? There are a few simple criteria that must be met.
First, there must be a legitimate and pressing hardship that is contributing to the inability to pay the mortgage. A statement of the hardship you are facing must be clearly presented in a letter of affidavit provided to the mortgage holder.
You also must be currently employed. Remember, the modification process does not involve debt forgiveness. You are fully expected to pay your loan. The only way you can do this is if you have a regular income coming in.
The value of your home must not exceed a certain amount and the mortgage cannot be underwater. While this may seem like a cruel cutoff, it eliminates providing funds to those with enormous assets or to those whose homes are at a high risk owners walking away from the mortgage.
Those that do legitimately meet the criteria required to qualify for a loan modification can take solace in the fact that help may be available. In some instances, it would be this program alone that eliminates the dire scenario of foreclosure from occurring.
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