Till date only 5% of the estimated 9 million struggling homeowners have qualified for the home affordable refinance program. Here is some crucial information pertaining to the guidelines which a borrower needs to satisfy to be eligible for a HAMP loan modification.

• The home on which mortgages are to be modified has to be the applicant’s primary residence.
• The total value of the existing home mortgages should not exceed $ 729,750 for a single unit family.
• The applicant’s current monthly mortgage payments should be more than 31% of his gross monthly income.
• An applicant needs to furnish a letter of financial hardships along with valid reasons to get an approval for a loan modification.
• For the purpose of eligibility there is no minimum or maximum limit for loan-to-value ratio.
• To be eligible for the Obama home affordable modification program plan, your existing home mortgages need to be sanctioned on or before 1st January, 2009.

Remember that if you are having an adjustable rate mortgage and your current mortgage payments are higher than your original monthly installments, you could qualify for the loan modifications easily. And as per new rules and regulations, even if you are ineligible for the HAMP mortgage modification, you could still qualify for an alternative loan workout which would be proposed by your lender.

You could be helped to get a detailed outline about the entire Bank Of America Loan Modification Program application process when you avail a free evaluation with our loan modification experts. In addition, you would be actively assisted in preparing the affidavit of financial hardship which is the most important document in the entire process which could considerably enhance your chances of.