Obama’s home affordable modification program application has helped millions of people to avoid foreclosure; there are certain guidelines which one need to follow to qualify for this program and get debt free

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There are few characteristic that one should have to get eligible for this plan. One should know whether his loan’s investor is Freddie Mac or Fannie Mae. Many lenders have the Home Affordable Modification Program Guidelines which are for the other in-house program, so if he doesn’t have the loan from the Fannie Mae or Freddie Mac than he should not worry

• The loan must be taken prior to Jan1, 2009
• The first mortgage loan amount should not exceed $729,500
• One should be able to prove his financial hardship
• The proper must be not kept vacant and should be pre-occupied by the owner
• Property should be between 1-4 units

The other thing which is necessary for the home affordable modification program is that the total modified mortgage payment should not exceed 31% of the gross income.

In the loan modification agreement the lender will lower the interest rate as low as 2%, next step will be extending he mortgage to 40 years in order to lower the payments. To apply for this loan modification agreement the debtor should first contact the lending company and ask him whether he is eligible for the HAMP or not. One should let the lender know about his financial conditions should also have a hardship letter with him. One should also ensure that he has a proof of salary statement for a minimum period of about two months.

To sum up the whole program one needs to prove to the government that he has been facing a severe financial crisis and some circumstances has made it extremely difficult to make his payments. The main objective of the borrower is to understand the guidelines thoroughly and provide the precise information to show that he is eligible for the HAMP loan modification program.