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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » The Requirements For The Making Home Affordable Modification Program

The Requirements For The Making Home Affordable Modification Program

Article by Scott Pasinski

You might have heard of the new Making Home Affordable Modification Program that is provided for all homeowners out there. This allows them to modify their payments to prevent any future delays in their mortgage fees. People who are still on time when it comes to their mortgage payments can still apply for this plan. More importantly, this is a good option for people who are really having trouble when it comes to their payments.

What are the requirements for the Making Home Affordable Modification?

1. The home should be the primary residence of the applicant. Rest houses or secondary properties are not accepted for the program.

2. People who are currently experiencing problems with their payments. It may be that they have lost their source of income, reduction with the salaries, increase of payments and other financial problems.

3. The mortgage must have existed before January 1, 2009. Mortgages filed later than this date do not apply to the Home Affordable Modification.

4. The present mortgage balance is equivalent to $ 729,750 or lower. Once the amount exceeds it is part of the non-conforming mortgage per Fannie Mae and Freddie Mac Guidelines.

5. The housing expenses must be greater than 31% of the gross income. These expenses include the mortgage payment, insurance, taxes and association dues. This is done so that homeowners housing expenses do not exceed more than 31% of the gross income.

How convenient is this? The Making Home Affordable aims for long-term affordability. The payments will be retained for five years. After this time frame, the loan will the capped and may eventually increase to 1% per year to make it easier to pay. This is really a great solution to the mortgage crisis. There is no need to worry when it comes to existing mortgage payments. It is actually possible to make life easier with this program for you.

 

Scott Pasinski, author of this article is also interested in home affordable modification and recommends you to please check out home affordable modification program if you liked reading this information.

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