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Guaranteed Installment Loans For Bad Credit Federal Loan Modification Program Guidelines

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10-Jun-2019 12:51 AM

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Obama's stimulus package solution for homeowners is called The Home Affordable Modification or HAM. The HAM provides financial incentives to homeowners and banks for completedi need a 2500 loan with bad credit modifications. If you qualify, you may be able to modify your existing loan to a lower monthly payment (less than 31% of monthly income) through, lower interest rate, possible longer loan term and maybe even forgiveness of a portion of the principle. We will discuss the qualification guidelines, and which lenders are approved to offer this stimulus money.

Qualification Guidelines There are criteria that you must meet to qualify for a loan modification under this federal plan: · You home must be your primary residence. · Your loan must have been written before January 1, 2009. · Your mortgage must be less than $729,750. · Your current monthly mortgage payment, insurance, taxes and any homeowner dues, must be more than 31% of your gross monthly income

Approved lenders

Lenders must be approved to offer these federal payday loans direct lenders only bad credit modifications. Not all lenders are on the approved list, and more are being added daily. If your lender is not on the list, still contact them to see if they have been added. This will give you a head start.

The following lenders are on the list that have signed their formal agreements and are offering the federal loan modification plan to homeowners: 1. Auroraguaranteed approval installment loans direct lenders Services LLC 2. Bank of America, NA 3. Carrington Mortgage Services, LLC 4. Chase Financial LLC 5. CitiMortgage, Inc 6. Countrywide Home Loans Servicing LP 7. GMAC Mortgage LLC 8. Green Tree Servicing LLC 9. Home Loan Services, Inc 10. Nationstar Mortgage LLC

The Federal Home Affordable Modification plan that Obama signed into law only allows for one application for assistance, so be sure you get it right the first time. Before contacting your bank, be sure you understand the guidelines. Being prepared, correctly and completely filling out the application packet and presenting a convincing case of your financial hardship and ability to meet the modified payment will give you the best opportunity for approval.