Get Bailed Out with the New Federal Mortgage Loan Modification Program

The HAMP federal loan modification program is designed to stop foreclosure and give homeowners the chance to save their home.

The HAMP federal loan modification plan is designed to stop foreclosure - don't miss your chance to qualify for this government program.

HAMP Federal Loan Modification Plan Stops Foreclosure Immediately - Details on How It Works

• A low 2% interest rate is available but the 4.5% rate usually applies.• The homeowner is not required to pay any loan modification fees since the provider will be paid by the government.• The bank will require a balloon payment if the mortgage is fully paid, refinanced, if the payments are too low or if the property has been sold.• You are allowed only one modification on the program so there will be no further negotiating in the future.An incentive plan is attached with the program to encourage prompt mortgage payments. If your payments are made on time, the Mortgage Loan Modification program will lower the principal balance bit by bit over a period of 5 years, with up to $5,000 maximum reduction. At present, the maximum value of the mortgage balance is set at 105%.