President Obama loan modification programs seems to be doing wonders these days. Typically, the HAMP, which is a foreclosure prevention program, is financially supported by a $ 75 billion stimulus package. It has been designed to assist struggling homeowners, who have been faced with enormous financial hardships, and are at risk of losing their homes on account of being delinquent in paying their existing mortgage installments. As per the latest update on HAMP which stems out of a report released in late June, borrowers who availed HAMP loan modification are more likely to stay current on their monthly mortgage payments as compared to their other counterparts who secured various mortgage modification alternatives. Here is some factual information pertaining to the same which you could find enticing.

A recent study on the functionality of the federal loan modification program vis-à-vis other parallel mortgage modification plans, which was conducted by the Office of the Comptroller of the Currency in coordination with the Office of Thrift Supervision, has revealed that close to 25% of the total privately modified mortgage loans during the previous quarter were overdue by 30 days. And of these over 10% were observed to be delinquent by a period of 60 days. In comparison to this, borrowers who got their home mortgage loans modified through HAMP fared slightly better. Less than 17% of the HAMP modified home mortgages missed at least one monthly mortgage payment and of these modified mortgages that were reported to be delinquent by 60 days were below 8%. The startling difference between the success rates could be attributed to various income verification as well as loan modification procedures, which the HAMP uses for making the monthly mortgage payments affordable. This was not the process in other cases.

If you can qualify for the Federal Loan modification program, you could be in a much better position to get access to mortgage rates as low as 2% for a five year fixed period, and even get your current loan durations extended to as long as 40 years. Thereby, if you can complete the entire HAMP mortgage repayment plan successfully, you could actually end up saving $ 514 every month on an average. That’s precisely the reason why need to avail expert help for exploring your chances of securing an early HAMP mortgage loan modification approval, in case you are faced with an imminent home foreclosure. Remember that the early bird catches the worm!

To get more useful information on the Bank Of America Loan Modification Program assistance requirements, it is hereby recommended to utilize the professional services offered by reputed online service providers like Obama-loanmodifications.