When the Obama Making Home Affordable Program was put into effect, many homeowners all over the country sighed with relief. It wasn't that they did not want to pay their mortgage; they simply could no longer afford the high payments because the economy changed. What many people did not realize, though, is that they could be denied access to this program.
When you apply for Obama Making Home Affordable assistance, the first thing you have to do is provide proof that you are no longer able to pay your current mortgage payment. The proof is two-fold, however. You have to prove that you can not afford the current payment, but you could afford the lowered payment. If not, you will get denied.
Anyone who has not kept their mortgage payments up-to-date is also going to be denied access for assistance with this particular program. This makes things complicated for the homeowner who wants in on this program because many are behind and already in danger of foreclosure. For many, this aspect does not make sense, but they will deny you if you are behind.
Homeowners also have guidelines that must be met when it comes to the balance of their mortgage. If your balance is above $729,750, you will not get approved, as this program was specifically designed to help the average homeowner. Those with balances above that amount are considered more of a luxury home and will not qualify.
Many people have been able to receive assistance through the Obama Making Home Affordable plan and they can now keep their homes in the bad economy. In order for this plan to work, certain guidelines had to be set. It has helped thousands, but even if you may want to take part in the program, not everyone will qualify for this type of assistance and may have to seek assistance elsewhere.
When you apply for Obama Making Home Affordable assistance, the first thing you have to do is provide proof that you are no longer able to pay your current mortgage payment. The proof is two-fold, however. You have to prove that you can not afford the current payment, but you could afford the lowered payment. If not, you will get denied.
Anyone who has not kept their mortgage payments up-to-date is also going to be denied access for assistance with this particular program. This makes things complicated for the homeowner who wants in on this program because many are behind and already in danger of foreclosure. For many, this aspect does not make sense, but they will deny you if you are behind.
Homeowners also have guidelines that must be met when it comes to the balance of their mortgage. If your balance is above $729,750, you will not get approved, as this program was specifically designed to help the average homeowner. Those with balances above that amount are considered more of a luxury home and will not qualify.
Many people have been able to receive assistance through the Obama Making Home Affordable plan and they can now keep their homes in the bad economy. In order for this plan to work, certain guidelines had to be set. It has helped thousands, but even if you may want to take part in the program, not everyone will qualify for this type of assistance and may have to seek assistance elsewhere.
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