There is no doubt that millions of Americans have been hit hard by the tough economy we are currently living in. Between the high unemployment rates, the skyrocketing prices of food and other essentials, and the housing bust, many of us are facing situations we never thought we would ever be facing. One of those is all too frequently the inability to pay our mortgages on time and in the full amount, if at all.
Thankfully, there are mortgage loan modification programs out there, and the main issue for most is - do you qualify? Like most programs that are designed to assist the average American with some particular difficulty, it can be confusing and frustrating. And now, to complicate matters further, there is more than one type of mortgage loan modification program. Do you qualify for one? If you are truly having difficulty meeting your obligations, the answer is most likely yes. This is especially true if you have had a major change in come since you first got your loan. For example, if you have lost a job, taken a huge pay cut, gotten divorced, incurred huge medical bills, or something similar.
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The three types of mortgage loan modification programs are: Home Affordable Modification Program (HAMP); FHA Partial Claim; and individual lender programs that are agreed upon by both the lender and you, the borrower. Do you qualify for HAMP? Maybe. What happens when you apply for help via HAMP is that a "servicer" punches in a bunch of numbers related to your loan and current income and expenses. Then, the servicer decides what is in the best interest of the lender's bottom line. If it is better for the lender to adjust your terms, then you qualify. Do you qualify for FHA Partial Claim? The same type of situation applies, only this is for only FHA borrowers. Your best bet may be an individual lender program with your particular lender.
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