Have you any trouble on your housing loan? Don't tension yourself for this problem because most of the people are thinking they will loss their home . So If you have thought about this then also consider Mortgage Loan Modification. Exactly this program modify your loan .So the terms are reinstated.
So now you have the question, what is Mortgage loan modification? By this it adjusts your loan terms and it will become more affordable to you. So there is no requirement of apply for a new loan, but modify your loan.
Now the question arises who are eligible for this program? Exactly you will become eligible if you have applied for the loan before 1st January 2010. There are two classifications for eligibility of a mortgage loan modification program. The 1st one is for the people with updated mortgage payment and another is who has missed his payments but paid 31% of his or her total mortgage.
The Govt will subsidize the cost so you will pay a rate of 31%.As per the financial ability of the mortgagee loan modification can be done in a number of ways.
1) All the terms on the mortgage will be extended up to 40 years.
2) The interest rate will be reduced.
3) They may offer another type of loan to the mortgagee.
The Govt will encourage the banks and other loan providers to participate in the program, aside of course from the subsidies.
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