Paying your mortgage on time every time is one of the best ways to keep your credit score up and your lender happy.
But what if you just can't seem to make those payments? There are millions of people who see their homes go into foreclosure every year because they can't make their mortgage.
Right now, the Obama administration has made it easier for people to secure their homes by giving consumers the loan modification program.
With the loan modification program, you will be able to lower your monthly payments and your interest rate.
However, there are several keys to qualifying for this plan.
The first is that your home has to be your primary residence.
If your home is not your primary residence, you will not be able to qualify.
The money that you owe on your first mortgage has to be equal to or less than seven hundred and thirty thousand dollars.
If the money you owe is larger than this, you will not be able to qualify for this curriculum.
If you're having a hard time paying your mortgage due to a loss of income or medical bills, then you could also be approved for this program.
In the even that you have suffered a job loss or an injury, you could be a great candidate for a loan modification.
Another factor is whether or not your mortgage is more than thirty-one percent of your current monthly income.
If it is, then you could be in the running.
Applying to this plan is very easy.
The first thing you need to do is get all of your income information together.
This information could be past or present tax returns, pay stubs, or even monthly bills.
Once you have all of these together, you need to contact your lender.
Tell them that you would like to apply to the loan modification program and they will be able to help you out.
Nobody wants to lose his or her home.
Being able to get a little help from the government in your time of need is a great way to secure the future of your primary residence.
If you fall within these guidelines and you are finding it extremely hard to pay your mortgage every month, get in touch with your lender and see if you qualify for this plan.
Present them with all of your information and get your mortgage back on track.