Massive Medical Bills May Qualify You For a Federal Loan Modification

Have you been burdened with a load of medical bills? Is paying your house mortgage impossible? You may even be in debts and fearing foreclosure. You may qualify for a Federal Mortgage loan modification.

Battling an illness is hard enough, and then you bounce back to find your self strapped with medical bills for the rest in your life, or so it seems. This is considered the textbook case of Financial Hardship. You more than likely satisfy the hardship requirement for assistance under President Obama's Obama's stimulus Bill.

What exactly is required to apply with this federal assistance in avoiding foreclosure? The following are a few of the guidelines:

· The home must be a main dwelling; you must live there more than 50% of times.

· The loan must be owned or maintained by Fannie Mae or Freddie Mac, written initially before January 1, 2009.

· The loan amount can't be over $729, 750 and the monthly payment, in addition taxes, insurance and association dues, must be OVER 31% of the gross monthly income. This signifies that the payment is a lot more than you can afford.

· To qualify to obtain a Federal Loan Modification, you must be experiencing monetary hardship. This entails increased expenses or decreased income through circumstances over that you simply had no control. This could be: medical expenses, job loss, divorce, death of a spouse, army service, etc... You will need to present documentation of the.

· You will also need to show a budget work-up that proves you may make the new payment with considerable ease. You should also convince them that you are committed to achieve this.