There has been a lot of buzz about the Government Loan Modification Program lately, since the new president took office. I'm sure a lot of people are wondering if they qualify and how to apply. I was rather confused by all the information so I did some research and found out some interesting facts. The Government Loan Modification Rules are as follows. First, the person applying must live in the residence they are applying for help with. Then, you cannot be in your second or third mortgage. The Government Loan Modification Program is only for first mortgages. And, you don't have to be behind on payments, but you have to be able to show that you're in a financial hardship or heading for one in the near future. Then the person applying must show proof of income such as paycheck stubs, Social Security statements or some other form of income proof. Lastly, fill out an application and submit it along with the other documents required. These are the Government Loan Modification Rules, which are much easier to understand now that I've researched and found out the simple steps to take.
