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Many people are ignorant of the FHA loan modification. Recently there has been a lot of news home mortgage loan modification. This loan modification program can help a borrower to re-negotiate the terms of their mortgage to make it more affordable.

Before applying for the FHA loan modifications program, the borrower should thoroughly study and understand the terms and conditions along with the eligibility criteria to qualify for this program.

The FHA loan modification plan is also known as Making Home Affordable Program”. The prime purpose of this program is to help homeowners who are finding it very difficult to pay for their current mortgage. The FHA home loan modification assists homeowners especially those who are going to lose their residences to foreclosure. Property prices have plummeted and in most cases the lender or the creditor despite foreclosing will not be able to recover the sum that is owed. We’re here to help!

FHA vs. general loan modification programs

The FHA loan modification program is a bit different from the general loan modification programs especially with regards to the terms and conditions associated with the program. In comparison to general loan modification very limited options are available within the agreement of loan modification for FHA loans.

We believe in transparency and make the differences very clear!

When you apply for the FHA plan it is mandatory to agree and sign a fixed mortgage for a period of 30 years. When it pertains to general loan modification programs the debtor can reduce the mortgage period to 20 years and other terms and conditions can be altered through negotiations. Some of the FHA loan modification requirements are quite rigid and need to be complied with. Fill Out the Form Right Now

For the benefits of FHA loan modification program

Guidelines to be eligible for FHA loan modification program

Some of the FHA loan modification guidelines are as follows:

• Initially you need to study the terms and conditions of the FHA loan modification offered by the agency.
• A hardship letter that includes your current financial situation and other reasons for your financial situation along with an assurance of future regular payments has to be submitted to the lender.
• A financial report mentioning your current financial position has to be submitted. This could cause the lender to speed up the approval of the FHA loan modification program.
• Care should be taken that the information and the data you submit to the lender is complete and accurate.
• The filing of documents has to be in an order that has been prescribed in the guidelines for the FHA loan modifications. The documents should include credit history, employment history.
• After submitting the application to the agency constant follow up is necessary to check on the status and progress of the file./li>

Some of the borrowers find the guidelines for loan modification for the FHA program to be cumbersome but we make them easy to comply with.

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