Approximately none million American families currently are eligible for federally subsidized home loan modifications, and financial experts encourage every eligible family to apply. If you own and occupy your own single-family home valued at $720,000 or less, you meet the basic criteria. In addition, if you have fallen at least a month behind on your Fanny May or Freddie Mac mortgage and the payments now exceed 31% of your monthly gross income, you absolutely should begin the application process. Most of all, if your income has fallen sharply because of a hardship, you should contact your local office of Housing and Urban Development, beginning the paperwork for your home loan modification today.
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Home loan modification depends on "no fault of your own."
You must satisfy the basic criteria for a federally subsidized modification of home loan: In other words, your numbers must match the government's requirements. Far more importantly, however, you must make the case for "hardship," documenting how you lost a substantial portion of your income through absolutely no fault of your own. Although you must make the case, you need not feel overwhelmed. If you qualified for unemployment compensation, then you probably meet the hardship criteria, too. Tell your story honestly, backing-up your facts with as much proof as you can find. Your local HUD agent will help you.
Details make the case for home loan modification.
The most common hardships begin with lay-offs, downsizes, or medical emergencies. If you lost your job because of economic forces well beyond your control, and you naturally assumed you easily could find another job, you may have attempted to live from your savings, severance, and unemployment until the bills grew too large to manage.
It is not too late to qualify for a modification on your home loan.
Prepare a document, which tells your story in detail, emphasizing how you tried to do everything right and still found yourself in jeopardy. Submit your document along with the other paperwork for a home loan modification.
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