The economic recession began its ugly reign and in 2008 it bore down on the housing market forcing it to begin flailing greatly. To combat the decline, the then Bush Administration created a government funded loan modification program. The program failed and needled to say, American homeowners were outraged and left to fight the mortgage companies for assistance.
2008 was an election year (hooray!) and the new President Obama made a move that would truly help the homeowners keep their property. His administration wrote up the Home Affordable program.
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Among it was a new and improved government loan modification. The program wasn't just better dressed, it literally renovated the requirements as well as offered $75 billion to financial institutions that's intended to promote lenders in opening up loan modifications to homeowners seeking them.
The bottom line is that this government loan modification programs put the process of obtaining a modification much easier than it used to be. While the $75 billion of incentives and funding is obviously a drastic change the program offers a huge change that makes the requirements of loan modification loans more accessible.
In order to receive a loan modifications, the home that the modification was for must have retained a property value no less than 92%. The problem is that, there were only a handful of homeowner's property fit that strenuous criteria. Most homes were nowhere close to holding a value near to the purchase value. So, most homeowners were not granted loan modifications.
Unlike its predecessor, this government loan modification program serves homeowners whose property values are under the 92% mark. While it is common it is also a discerning fact that such a grand amount of properties have declined in value to 60 and in some cases 40 percent below initial purchase value. That's why this program is so revolutionary and necessary.
Let it be known that a greatly lowered property value doesn't lower the principal of the loan an modification does very little to assist in that area. Mortgages are based on face purchase values and loan modifications truly lower and change interest rates and do not affect the property value.
Another immense benefit of the new program is that applicants who were previously denied a loan modification are now eligible to re apply and are not subject to comply to their disqualifications reasoning. So say you applied but you were not in financial hardship and you are now. The new program allows you to reapply with confidence. The recession has caused millions to become unemployed and if that isn't financial hardship what is?
Apply without doubt, frustration or hesitation as the lenient new government loan modification program requirements are sure to give the assistance so many homeowners desperately seek.
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