• The property must be the primary residence of the applicant.
• The value of the home mortgage should not be more than $ 729,750.
• The existing monthly mortgage payments should not exceed 31% of your gross monthly income.
• An applicant must provide a letter of financial hardships faced along with proper reasons.

The rates of interest on home loan modification plans vary from 2% to 5% and the loan durations can be extended to as long as 40 years to make monthly mortgage installments more affordable.

However, if you do not qualify for the HAMP, you can consider refinancing your home mortgages under the Home Affordable Refinance Program (HARP), which is also one of the Obama loan modification guidelines that deals with mortgage refinancing. The HARP allows borrowers whose existing mortgages are either owned by Freddie Mac or Fannie Mae to refinance at much reduced fixed rate of interests. But to be eligible for the HARP, a borrower must meet the following requirements.

• The home to be mortgaged has to be primary residence of the borrower.
• There should be no missed or late mortgage payments during the past 12 months.
• The amount owed must not exceed 105 % of the current home’s market value.
• The borrower must provide proof for a stable monthly income.

Remember the program will not reduce the principal loan balance but you can avail the cash out facility or even shift from a adjustable rate to a fixed rate mortgage. Our loan modification agreement online services employ experts who could provide you more information about your loan modification or mortgage refinancing options.