Help Stop Foreclosure With Help From the Government
In 2009, Congress passed the Federal Mortgage Loan Modification Program to help stop foreclosure throughout the U.S. The program contains generous terms to help stop foreclosure and save people's homes. Many people in the U.S. will qualify under the terms of this program. Here's find out if the Federal Mortgage Loan Program can help your family.
Instructions
1. Read your entire mortgage loan agreement. Go through this document carefully so you can understand the terms of your loan, what types of options are available to you, and what your interest rates are.
2. Assess whether you meet the basic requirements of the Federal Mortgage Loan Modification. To qualify under this program, your mortgage must be less than $729,500 and must have been signed before January 1, 2009. The home in question must also be your primary residence.
3. Write a financial hardship letter. This is required under the program, and must be written and signed by the homeowner. Include the reasons behind your hardship and what kind of payment changes would allow you to keep your home.
4. Approach your bank and ask that they review your loan under the new federal program. The Federal government offers grants, loans, and other financial incentives to banks who help homeowners under the terms of this program.
5. Discuss your options with the bank. Some choices they may offer under this program include lower monthly payments, reduced interest rates, and temporary payment "vacations." For many homeowners, even a small amount of help from this program can help stop foreclosure adn save their home.
