Who qualifies for a mortgage loan modification?
• The homeowner must be using the property as their primary residence. • Have originated your mortgage before Jan. 1, 2009. • Have an unpaid balance that is equal to or less than $729,750 (for a single-family home). • Have trouble paying your mortgage due to financial hardship. • The current mortgage loan must have been obtained through Freddie Mac or Fannie Mae. Get Approved for Obama Loan Modification Program There are two alternatives available under MHA Plan, one is refinancing your mortgage and the second is to modify your home mortgage. Obama’s home refinance plan was set in place to help homeowners refinance their home, if the balance of their current loan is more than 80%, but not more than 105%, of what the home is worth. This is true even if they don’t qualify for traditional mortgage refinance. It’s significant to know that only those who are still present on payments can refinance under the MHA act. If you’re having intricacy making ends meet and paying your monthly mortgag
