Millions of American homeowners are in danger of losing their homes. This is a reality in today's world due to the housing crisis and a really tough economy. The government is trying to help by allocating $75 billion dollars towards no credit check tribal installment loans modification agreements. You have heard about them, but probably wonder just what that agreement means.
The simple explanation is that your mortgage would be modified. This could mean a lower monthly payment, a lower interest rate and possibly even extending your terms. All of which could rescue struggling homeowners from foreclosure.
President Obama's home stimulus plan includes a Federal direct lender tribal installment loans Modification Agreement. This means that even if you have applied through your lender and been denied, you now have the ability to apply again! This is a huge second chance for thousands of homeowners.
If you haven't already applied, but are in danger of becoming delinquent or are already delinquent on your mortgage payments, the Federal loan modification agreement could be your best chance to save your home!
You will still need to be approved by your lender; the difference is that the government is now paying a monetary incentive to the lenders to modify your loan! The lenders actually get paid to help you now! This is a totally new concept and one that is saving American homeowners by the millions.
There are a few requirements that are standard across the board
1. The mortgage has to be on your primary residence 2. Your mortgage has to have been originated before January 2009 3. The total loan must be below $729,500 4. Your total mortgage payment (including taxes, insurance and homeowner dues) has to be more than 31% of your gross monthly income. 5. You are or will be experiencing a financial hardship
If all of the above apply to you; you may have a solid chance of being approved for a online tribal direct lenders modification agreement. Each lender will have unique requirements over and above those listed here. It is important to contact your specific lender to get their criteria.
It can be confusing and overwhelming facing the application process for a loan modification agreement. You are currently under enough stress just trying to find ways to save your home! You application really could be the difference between foreclosure and security! You want to make sure you get all the facts, make sure you have all of the required documents and above all else, make sure you complete the documents correctly! It is shocking that so many people that need loan modification agreements get turned down just because they didn't complete the application process correctly! Don't be one of those people! Do your homework!