Home Loan Modifications - A Boost to the Economy and Your Wallet

It is a common practice to apply for a loan in times of need. The reasons why people take loans vary from person to person. For some, it is the only way to pay for a college education, to buy a car or even a house. It is only dependent upon the situation you are in.

If you are one of the few hundreds who took a mortgage to buy a home, then you are not alone. Many others like you face the uncertainty of paying back their mortgage loan, especially because the recent recession caused a huge spike in unemployment. Fortunately, the government has been working on a plan to help you lower your monthly payment amount and let you keep your house too.

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There are some stringent requirements that need to be fulfilled before filling in the appropriate application form. The modification is only applicable to those who are staying in their houses, so proof of residence and income as well as an affidavit are compulsory. Also, your mortgage loan should have been taken on or before 1 Jan, 2009, and the outstanding principal balance on the mortgage should not be more than $ 729,750 in total.

A loan modification offers you many benefits, but the most important one is that your monthly installment amount is significantly lower, as it is worked around your current salary. Many experts have hailed this plan coming into effect at a time when the economy needs a major boost. Many hope that this move will set real estate prices soaring again.

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