I just learned about the Government Loan Modification Program myself and was wondering if others had heard of it as well. From what I read, the Government Loan Modification Program is a government led program that helps homeowners avoid foreclosure. The Government Loan Modification Program has set aside $75 billion dollars for this effort.
There are some Government Loan Modification Guidelines that I read about. The homeowner must live in the property they want help with. The Government Loan Modification Program is only for people with first mortgages, not for those with second or third mortgages. You must be able to prove financial hardship happening now or in the immediate future. Then you must be able to show proof of income. Last, submit an application with the appropriate paperwork. This Government Loan Modification Program can adjust your interest rate and even extend the loan to 40 years. The Government Loan Modification Program may even reduce your principal. These things can really help the homeowner who is in trouble during this financial crisis. You should look into the Government Loan Modification Program too.
