President Obama’s Mortgage refinance plan is prepared to support struggling homeowners who, have been faced with fiscal hardships and as a result, are finding it hard to stay current on their monthly mortgage payments.But to be suitable for the federal mortgage payment plans, one needs to meet certain specific requirements predetermined by the Obama stimulus plan guidelines. Here is some vital information pertaining to a variety of options and eligibility criteria which readers might find useful in case they are planning to apply for mortgage loan modifications or refinance loans under the federal scheme. Just find out if you can qualify for any of the alternatives.

Mortgage relief for unemployed homeowners

Borrowers who have lost their jobs are entitled to obtain temporary forbearance on their existing home mortgage loans if they satisfy the below mentioned guidelines outlined by the home affordable modification program (HAMP).

Home needs to be primary residence and not an investment property.

Mortgage loan should have originated on or before 1st January, 2009.

Value of current mortgages has to be less than $ 729,750.

Borrower needs should be drawing unemployment insurance benefits.

Delinquency in paying the mortgage payments should not be more than 90 days.



Other viable Features

Apart from HAMP loan modifications and Federal home refinance loans, you could also apply for home refinance loans under the home mortgage refinance loans if you can meet few guidelines as mentioned below.

Home to be refinanced has to be primary residence of the applicant.

Mortgage loan should have been sanctioned prior to 1st January, 2009.

Value of current home mortgage loans should be less than $ 729,750.

Existing home mortgages need to be owned or insured by Freddie Mac and Fannie Mae.

Getting approved for mortgage relief under any of the government backed plans may not be that easy. This is because borrowers are required to furnish correct and accurate information along with the HAMP loan modification or HARP refinance loan applications. And considering the intricacies involved in the entire procedure, it is always better to take advantage of expert help which is available online.

Hence, to get more crucial information on the home mortgage refinance program or loan modification plan requirements and process, it is hereby recommended to utilize the professional services offered by reputed online service providers like USLoanz.