Government Mortgage Relief Eligibility

If you have fallen behind in your mortgage bills or are at risk of default you could be a candidate for a home loan relief plan. Because of the high numbers of underwater homeowners most mortgage companies are willing to talk about mortgage refinancing and loan modification. Both of these programs have allowed homeowners to lower mortgage payments helping millions to keep their houses.

There are two programs that are administered through the mortgage lenders and provides reasons for them to work with distressed borrowers to lower regular mortgage payments. These programs, the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP), both have qualification guidelines. There were set up by the federal government as a means to help most of the struggling mortgage holders.

To obtain a mortgage refinance through the HARP program their are several strict requirements. The HARP program has already helped homeowners, although not everyone who applies is accepted into to the program.

You must own a one to four family house. Your home loan must be guaranteed by either Fannie Mae or Freddie Mac. If you do not know if your mortgage is guaranteed you can inquire with Fannie or Freddi directly.

If your current outstanding balance on your home exceeds one and a quarter times the value of your home you may not qualify for refinance assistance. Lenders will review your entire mortgage and credit situation when determining whether you are a qualified candidate.

This may be an issue if the value of your home has recently dropped. Many homeowners have become trapped in homes that rapidly lost value soon after being purchased. Speak with your lender if you find yourself in this situation, their may be options open to you.

Like refinance programs mortgage modification programs also have specific requirements. To qualify for the HAMP program lenders will review your financial and borrowing history. Factors including why you are having trouble with payments and your monthly income will all be considered.

Lots of homeowners are receiving government mortgage assistance find out if you qualify for home loan assistance at http://governmentmortgageassistance.org