The Home Stimulus Package - There's Finally Hope!

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As with any loan process there are requirements of you, the borrower. The Obama home stimulus package offers a few viable options for home mortgage modification loans which also have requirements to qualify. One of those requirements is a questionnaire, kind of a screening process to see if you qualify for a mortgage modification loan. Doing your homework and learning as much as you can about what it takes to qualify is an excellent first step. To assist you in this journey, we will show you some of the questions you can expect to find in order to qualify for a home mortgage modification loan.

Typical Questions on a home loan modification questionnaire:

1. Is this house your primary residence? Simply put you must actually live in this house more than 50% of the time. The federal home mortgage modification is strictly for one's primary residence.

2. Did you take this mortgage out before January 1, 2009? The only mortgage loans that will qualify must have been originated on or before this date.

3. Would your situation be considered a financial hardship? Basically your income or your expenses has to have changed dramatically due to circumstance beyond your control. For example, did you lose your job, go through a divorce or serve in the military? OR Is financial hardship imminent? This could include knowing that your job is going to be eliminated soon, or knowing that your interest rate is about to be increased.

4. Is your current mortgage payment more than 31% of your monthly gross income? This isn't as clear as it first appears. Your mortgage payment includes things such as property taxes, insurance, and homeowner dues. Also your gross monthly income (your pay before any deductions) including roommates or children that are paying you rent.

5. Is your total loan amount below $729,750? This amount is for single unit dwellings. If you have a 204 unit property and you reside in one of the units, you may qualify for a multiple unit amount under the home loan mortgage modification plan.

If you pass the loan modification questionnaire, you will then be eligible to apply for a home loan modification plan. There is an application process including completing some forms and providing all of your asset and income documentation. Make sure you have everything required in front of you, as you will also have to go through a brief telephone interview reviewing all documents you submit.

A word of warning, do apply or contact your bank with any financial information until you are fully prepared. Review your budget; make sure you made any necessary changes in order to show how you can afford the modified payment. This is your chance to use Obama's home stimulus package to save your home! Take the time to prepare research and increase your chances of being approved. Your family's security may depend upon it!

Article Source: http://depositarticles.com/

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