Saving your home will definitely be on the top of the list if you are someone under a lot of debt. When a person is under a whole lot of debt with multiple payments to be made on a monthly basis, avoiding the process of filing bankruptcy and foreclosure in the long run is not very easy. Apart from helping home owners save their homes the Obama Home Affordable Modification Program also aimed at stabilizing the real estate or housing market in America.
The Obama administration did the debt ridden people a huge favour when they introduced the Obama Home Affordable Affordable Mortgage Modification Program . The objective of the HAMP was to enable people under massive amount of debt to apply for a loan modification process which would modify the structure of the loan and reduce the monthly payment for the people. The Federal mortgage modification proved to be extremely helpful to all those people who were trying to save their homes from foreclosure. If anyone wants to apply for the FHA loan modification plan, it is important that one first tries to understand the basics of this program and also go through the HAMP Loan Modification guidelines before jumping into the program. Consulting an attorney dealing with such program is also not a bad idea as an attorney will be able to provide professional and legal guidance in the matter.
However, you might be confused by the program guidelines concerning a Duplex. Does it qualify for a loan modification if you meet all the other application guidelines? If you own a duplex, triplex or four-unit building and you live in one of the units, it can qualify for this program. You must be an owner-occupant.
On a normal residence, the amount of the unpaid balance cannot be more than $729,750. On two units, you can increase that amount of unpaid balance to $934,200, three units to $1,129,250, and four units to $1,403,400. Four unit homes are the maximum number of units eligible for the loan modification program. This lien must have been signed on or before January 1, 2009.
The Home affordable modification program guidelines consist of an explanation of the eligibility criteria for applicants, how the HAMP works and so on. The program allows debt ridden people to repay their debts and save their home from being liquidated.
Learn more about Obama Mortgage Relief Plan Qualifications.
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Tags: affordable mortgage modification, Affordable Mortgage Modification Program, Debt, modification program, obama loan modification