Pittsfield, MA -- (SBWIRE) -- 11/12/2012 -- Even though one is employed, it is not always easy to afford a mortgage payment in addition to all the other monthly bills. Perhaps this homeowner had a better-paying job when he first took out his mortgage, or maybe his wife was injured in an accident and could no longer contribute to the household finances. Whatever happened, it left this individual in straits so dire that he ended up at risk of defaulting on his mortgage loan. The Obama home affordable modification program was designed just for this sort of homeowner, and here is what it can do to help.
Obama Home Affordable Program to Reduce Mortgage Loan , Send Request for More Info
When the plan was first developed in February of 2009, its goal was to make it less stressful for property owners to pay their mortgages by modifying, or changing, the terms of them. Its intent was to assist over 4 million people; it succeeded in helping fewer than 1 million. The original parameters of the Obama home loan modification program were that a homeowner had to reside in the house he was asking for the modification on, his debt-to-income ratio had to be more than 31%, and he had to owe just under $730,000 on a single-unit property. Too many hard-working Americans did not meet these eligibility requirements, so in June 2012, the program changed them to make it easier for more people to qualify.
Now if one is to qualify for the Obama home affordable modification program, he no longer has to reside in the building he’s asking for the assistance with. He can actually live elsewhere as long as the property is rented and is not condemned. He must be able to offer proof of financial hardship along with income documentation indicating his ability to pay the adjusted mortgage each month. His debt-to-income ratio can be lower than 31%, and even if he received a HAMP trial period loan plan and defaulted during the three-month test period, he can still qualify. These changes are intended to make the HAMP plan more accessible to those in need of it to avoid losing their homes.
http://www.Credit-yogi.com, an online marketing company in Pittsfield, Massachusetts, has more information on the HAMP plan and is available around the clock to share it with interested consumers.