The main culprits in this whole financial mess are Fannie Mae and Freddie Mac. If you have a lump sum available, make an offer but understand that other creditors will have to wait if you exhaust your available resources.
1.; The home loan should be borrowed for the home you inhabit.
4.; The loan modification is only applicable for the first home loan and not the subsequent one.
5.; You can avail the Federal loan modification program just for once.
The Home affordable program is basically a Federal government’s program launched in association with the Bank of America which offers the loan modification to assist the public. Bank of America is a primary lending contributor in Obama’s loan modification program to help people by lowering the monthly mortgage payments. The modified home loan payment constitutes all the charges like principle, interest, mortgage insurance, property taxes and HOA dues.
In case your application gets approved for Federal loan modification, be prepared to provide all the financial information like pay checks, bank statements, tax returns etc. Bank of America loan modification plan is a great way to help resolve the financial troubles of people since it reduces the interest charges.