Make Home Affordable: Loan Modification

The Obama administration has created a foreclosure prevention plan rthat is designed around to main mortgage workout solutions that allow Homeowners to stop foreclosure and make home affordable.

These two mortgage workouts are loan modification and mortgage refinance.
Both the loan modification and mortgage refinance agreements and program terms allow homeowners to lower monthly payments if they meet some basic qualifications and their lender is willing to work with them.

This post will be focused on the loan modification side of the Making Home Affordable Program.

Making Home Affordable Loan Modification Program Qualifications:

• The property must be the Homeowners primary residence.
• The homeowner must have a current mortgage payment that is 32% or more of their monthly income.
• The Homeowner must have incurred some sort of unavoidable financial hardship.
• The Homeowner must have a home value of 730,000.00 or less
• The Lender must agree to participate in the Making Home Affordable Loan Modification Plan.

The Make Home Affordable Loan Modification Plan has helped many Homeowners has done far better the it's peers such as the FHA insured plan known as the Hope For Homeowners Mortgage Refinance Plan.

You can learn more about the Making Home Affordable Loan Modification and Mortgage Refinance Programs through the Government Websites @ http://www.makinghomeaffordable.gov

Learn how to use this site and read a review of MakeHomeAffordable.Gov