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Apply For a Federal Home Loan Modification

What is a mortgage modification ?
Under the terms and guidelines of the Economic Recovery Act of 2009, eligible homeowners may refinance their home mortgage loans, securing lower fixed rates for twenty- and thirty-year mortgages underwritten by Fannie May and Freddie Mac. Working with their lenders and the Office of Housing and Urban Development, homeowners may prevent foreclosure even after they have defaulted on several months' mortgage payments.




Who is eligible for a mortgage modification ?

Approximately nine million American families are eligible for federal assistance under this legislation. Those families who do not qualify for loan modification may still qualify for federally assisted home loan refinancing. All families who face imminent foreclosure should contact their lenders and HUD right away, because some of the provisions include time limits on applications and funding.

In general, a family with a Fannie May or Freddie Mac mortgage on a home valued at $720,000 or less will meet the basic qualifying standards. They must, however, have suffered a significant "hardship," which has driven their home mortgage payment to more than 31% of their monthly gross income. The hardship must have befallen them through no fault of their own-lay-offs, downsizing, and health issues lead list of hardship causes. 

How do people apply for a mortgage modification ?
People at risk of foreclosure should contact their local Office of Housing and Urban Development (HUD) as soon as possible; or they may visit the HUD website for very detailed but also easily understandable explanations of the terms and requirements. Applicants also should contact their lenders right away, not only alerting their mortgage holders that they intend to apply for modification but also enlisting their help and support. Most lenders will help applicants document their financial histories and often will help them make the case for "hardship." HUD representatives will guide applicants systematically through the process, clarifying procedural details and cutting through bureaucratic red tape.

Why should people apply for a mortgage modification ?
The home mortgage loan modification program is one of two stimulus measures the government has established to help troubled homeowners and to ease the strain on lending institutions. For the majority of cash-strapped homeowners, these programs represent the best way to secure a fixed-rate hom


Author: Paul Sikes
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