Obama Loan Modification Website – Is Your Loan Entitled for Refinancing?
If you find yourself in a bind in keeping up with your home mortgage loan, online help is available through the Obama Loan Modification Website. But filtering through the numerous sites on the web for the most appropriate one could be tedious and frustrating. To make it easier for you, I have come up with a summary of the essential content that you need to know without clicking on these sites one by one.
Save Your Home From Foreclosure
You need to ask yourself the following questions below. But, answering yes to any or to all questions is not assurance to you will be qualified for a home mortgage loan qualification. You will need to contact your home loan lender to find out for sure. Your lender will be able to determine through your requirements on whether the Obama Loan Program is for you. Nevertheless, through the brief questionnaire below, you will be able to prepare yourself for the screening process with your lender.
Here are some common points that an Obama Loan Website may contain:
1. Do you have possession of a 1 to 4-unit home?
2. Is your home mortgage owned or guaranteed by Fanni Mae or Freddie Mac?
3. Are you up to date with your home mortgage loan payments?
4. Are you aware if your first home mortgage is less than the present value of your house?
If your first mortgage is not more than 125% of your home’s present market value, you may be entitled to modification program. For instance, if your house is worth $200,000 but the total amount of your loan that you have to pay off is more or less $250,000, you might be qualified to a restructuring of your loan. But, like I said earlier, the best and surest way to find out would be to confer with a lender of your choice. Just remember that applying for a federal modification is free.
All these basic facts are included online in most, if not all Obama Loan Modification Website. Some may be more detailed, but these are the first things that you should be aware of before applying for a modification of your home loan.
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