If you are like a host of Americans, you may be facing the difficult decision of allowing your home loan to become delinquent and fall into foreclosure. But there is a new program called the Affordability and Stability Plan that has placed $75 billion aside for banks and other mortgage lending institutions to help those who are struggling to meet their monthly payments.
There are two categories of people this plan is aimed at helping. The first group are those people who are behind in their payments and the second group are those who are not yet behind but having to struggle to keep current with their payments. This plan may help between 7 and 9 million people keep their homes until their financial position turns around.
Not all banks or lending institutions will participate so you may have to shop around to take advantage of this new program. However, the federal government is promising incentives to those institutions that chose to participate.
If you would like to take advantage of this new plan then these are some helpful hints to find out if you might be able to qualify:
* Your loan must have originated before January 1, 2009.
* The total loan amount must be under $729,750.00.
* You must be able to prove income.
* Your home must be your primary residence.
* Your monthly payment needs to be at least 31% of your monthly gross income.
* You may have a second mortgage included.
* You need to be facing a financial hardship such as medical or job loss.
* There is no charge for this loan.
* You do not have to currently be delinquent to qualify and apply for this plan.
If you want to apply for this program, you need to find a bank that is participating. Next, gather together all the initial documentation that will be needed. This may include tax records, income records and the information necessary to prove your financial hardship. Of course, there will be other documents that may be needed as well. This will depend upon your lender.
Those people who do qualify and take advantage of this new loan modification plan will find themselves rewarded if they are able to make all of their new payments in a timely manner. The government will give up to $1,000.00 per year for five years towards the principle of the loan. This will be a great help and reason to keep your loan current.
If you are interested in obtaining more information about this program, you can do an online search or talk to your current lender. They may be able to help you. Now is a great time to help yourself by participating in the Loan Modification program and save your home.
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