The Federal Treasury Department is offering loan modification help to the many homeowners who have found themselves unemployed due to the current recession and are at risk of losing their homes to foreclosure. Although there is $75 billion available from TARP funds, only a fraction of that has been used to help borrowers because of the tough qualifying guidelines. Now, even if you are unemployed you may be able to get your mortgage payment drastically reduced to help you avoid foreclosure while you look for a new job.
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President Obama has been really coming down hard on the lenders who have shown a very poor record of assisting their borrowers with a loan modification under the federal plan, HAMP. The statistics of borrowers who have actually been helped is far less than the original target of 5 millions homeowners. Realizing that the continuing recession is causing more homes to go into foreclosure, the Fed will offer a loan workout to homeowners who are unemployed and searching for new work to help them stay in their homes and avoid foreclosure.
The HAMP loan modification plan will be used as a guideline, but unemployed homeowners will be offered an extremely low mortgage payment for a specified period of time to allow them to find a job and get back on track. Since the ongoing foreclosure crisis is affecting every aspect of our global economy, the goal is to offer help to as many borrowers as possible and keep them in their homes until a long term solution can be found.
If you are unemployed or facing a loss of income, then you should learn how to apply and qualify for the federal HAMP loan modification program. There are standard approval criteria that must be met, so you would be well advised to learn just how to complete your financial statement correctly so that you are not turned down. If you are confused about the approval guidelines and need help to figure your debt ratio, target payment and other calculations, you can take advantage of an easy to use software program that is specifically designed to help homeowners qualify for HAMP.
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