Just find Out If You Qualify For Obama Loan Modification Program

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 24, 2011 -- The financial situation became so tough that Obama Administration came into picture and have to make necessary amendments and plans. The Obama Loan Modification Program and HAMP - Home Affordable Modification Program are such amendments. Some of the guidelines or qualifying criteria for both Loan Modification programs are given below:

Obama Loan Modification Program

1. If, the debtor is paying more than 38% of his monthly income as mortgage, the mortgaging company will have to reduce the ratio to 38%. Mostly, to do so the Loan companies either have to eliminate the interest rate and other charges, or they may raise the loan term. However, this loan modification can only be done voluntary by the lender.
2. The originating date of Loan must be before January 1, 2009.
3. The larger property or the property more than 5 units will be excluded from the Obama Loan Modification Program.
4. In case of Mortgage Loan, the home must not be an investment or rental property.
5. The borrower has to prove his inability to repay the loan amount or furnish the proofs that his liabilities are higher than his income.
6. The Loan amount must be less than $7,29,750.

See If You Qualify:["http://www.obama-loanmodifications.com/loan-modification-application.php"]
Home Affordable Modification Program

1. Under Home Affordable Modification Program, the borrower must be financially unable to repay the mortgages or may be under the risk of filing the Bankruptcy in near future.
2. The mortgage payer must be residing in the mortgage property only. It means the mortgage property must not be the source of income generation.
3. The mortgage loan must have been originated before January 1, 2009.
4. The principal amount of mortgage dues must not be greater than $7,29,750 for one unit property.

Both the loan modification programs are intended to help the Americans, who are really not in the condition to support themselves and their family. With the help of the Home Affordable Modification Program, the borrower can be able to afford the home. While, on the other hand, the loan Modification program will reduce the financial burden by diverting and dividing it.

I’m a writer and can understand the situation of a common man under the financial crisis. However, the loan modification plans introduced by Obama Administration have really done a wondrous job. If, you want to apply for Loan and Home Loan Modification program, just click here.

Obama loan modification progra