There is a plan available for homeowners who are either in default on their mortgage or facing imminent default due to financial hardship. Sponsored by Fannie Mae and paid for by the Treasury Department with $75 billion in stimulus funds, this loan modification program could be the answer you need to say in your home. Learn what is required to qualify and how to apply correctly so that you can get the help you need quickly.

The Fannie Mae plan is called Home Affordable Modification, or HAMP. The best feature of this program is that it offers standard approval guidelines and standard methods of modifying your loan. This means it is much easier to apply and qualify-IF you know what those guidelines are. If you want to get approved quickly, it makes sense to learn the basics, work on your loan modification forms ahead of time and make any necessary adjustments, and then submit your proposal that you know meets the approval criteria.

Here is the basic method that all lenders use to determine if a homeowner is eligible for this plan:

• Do you live in the home as your primary residence?
• Is your current mortgage payment greater than 31% of your gross monthly income? (including principal, interest, property taxes, homeowners insurance and any homeowners dues)
• Was you loan taken out before January 1, 2009?
• Is your loan amount less than $729,750? (for 1 unit properties-higher limit for 2-4 units)
• Are you facing a hardship situation making your payments unaffordable?

The Fannie Mae Home Affordable Modification will use the same method of determining your new modified payment for everyone, and you must be able to meet this debt ratio calculation to qualify:

• New target payment equals approximately 31% of gross monthly income
• Gross monthly income times 31% equals close to target payment
• Decrease interest rate to as low as 2%, extend loan term to 40 years, defer or forgive principal balance to reach target payment and meet 31% debt ratio requirement.

There are 4 steps to determine if you can meet the target payment and debt ratio requirement. Learn these steps and you can pre-qualify yourself easily. Then you can prepare your loan modification forms correctly, present an acceptable proposal and your application will have a very good chance of getting an approval quickly.  You can use the step by step directions included in the #1 resource for homeowners, The Complete Loan Modification Guide to make sure you have prepared your proposal correctly following the same 4 steps the lenders use.

Learn the 4 steps to qualify for a Fannie Mae loan modification and get help to qpply by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.  Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com