Obama's Mortgage Modification Program is the government's answer to the rising number of home foreclosures caused by the economic recession in the country.
Despite the mortgage program, many are find themselves hesitating in fear of what they cannot fully understand.
Here are a few easy guidelines to help you finally decide and get on the right track for finally resolving your mortgage refinancing dilemma.
A significant number of Americans today are losing their jobs and finding that they are no longer able to pay for their rapidly increasing mortgage payments.
Many homeowners facing home foreclosures resort to applying for more loans to their banks, but are finding themselves being rejected or turned down.
Obama's mortgage modification is a $75 billion dollar bailout that is especially devised to resolve this problem.
Easy Application Guidelines for Obama's Mortgage Modification: 1.
You should be living currently living in your mortgaged house.
2.
Your updated loan balance should be not more than $730,000.
3.
Your monthly mortgage fees should be 31% of your household total earnings per month.
4.
Your mortgage should have begun before January 1, 2009.
If you fall under these standards, you are eligible for Obama's mortgage program and should not further delay your application.
To speed up the process of your and to increase your chances of approval, make sure that you are able to present the following: * Proof of your monthly income * Tax receipts * Copies of your bills * All documents pertinent to your mortgage The U.
S.
Treasury department encourages borrowers to submit their applications for Obama's mortgage mortgage program.
They also advise lenders to participate in the program by providing cash incentives that can supplement their loss of income due to the lowered mortgage rates.
This is your chance to get your financial status back on the right track.