If you have fallen behind in your mortgage payments or are scared of default you could be a candidate for a home loan relief program. Because of the growing amount of struggling mortgage holders most lenders are likely to talk about mortgage refinancing and mortgage loan modification. These programs have helped loan holders to lower mortgage payments helping millions to keep their homes. To facilitate these housing relief plans congress has passed 2 programs; the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP). These programs are administered through home loan companies and creates reasons for them to work with distressed mortgage holders to reduce regular mortgage payments. These plans both have basic eligibility requirements.

If you want to receive a mortgage refinance with the help of the Home Affordable Refinance Program Eligibility you should satisfy a few requirements. There are a number of aspects of your mortgage situation that are reviewed when determining your qualifications for a mortgage refinance. You must be the owner of a residential house. Your mortgage should be guaranteed by either Fannie Mae or Freddie Mac. If you would like to know whether your home loan is guaranteed you should speak with Fannie or Freddi directly.

If you are up to date on your home loan and how much you owe has an impact on if you are eligible refinance. To be eligible it is necessary that your current loan does not exceed 125% of the current worth of your home. For instance if the outstanding balance is $400,000 on a home that is worth $350,000 you would qualify. To find out if you are a candidate for home loan refinance talk to your mortgage company.

If you are looking to have a mortgage modification through HAMP their are sore requirements you should meet. These qualifications such as if your property is your main residence and how much you owe on it. Review guidelines also take into consideration reasons why you might currently be having trouble with monthly payments including reductions in income. When you took out your mortgage is also taken into account when deciding your fitness for a mortgage relief program.

If you are having trouble with monthly payments and are afraid your house may be foreclosed you may be eligible for government assistance in the form of mortgage refinance or housing loan modification. To learn more information about qualification requirements and if you are a candidate speak with your home loan lender.