Confused about your options and worried about losing your home?  If you are you ready to really get serious about saving your home, there is a solution for high, unaffordable mortgage payments offered by the Federal government for qualified homeowners.  Make sure you are one of the eligible borrowers so that you can take advantage of this very aggressive loan workout plan.  This program is paid for with your tax dollars-so don't hesitate to learn how it works, what is required and what the formula for approval is so that you can qualify quickly.

This plan is called Home Affordable Modification and it features standards guidelines and methods of modifying home loans for eligible borrowers.  The Treasury Departments has required all banks to use the same formula to determine which borrowers are qualified.  This makes it much easier for the average homeowner to pre-qualify themselves and greatly increase the chances for approval.  It's pretty simple-learn the formula, use the formula on your loan modification forms-and you are on your way to getting the loan workout you need.

So, just what is this formula and is it hard to learn?  The centerpiece of the plan is called a target payment.  This figure represents what you new mortgage payment should be and is designed to offer terms that will achieve this target payment.  The bank will use a formula to arrive at this payment, and they will use a standard set of terms to modify your loan to meet that payment.  If you can do basic math and use the provided charts, you can easily do this yourself.

Basically, the Home Affordable Modification target payment is designed to equal 31% of your gross monthly income.  So, take your income and multiply it by 31%-the figure equals the payment your loan workout will strive for.  The way the bank gets to that payment can include lowering your interest rate to 2%, extending your term to 40 years or deferring or forgiving some principal balance.  You can use this basic formula yourself when you work on your Current Financial Statement and your Proposed Financial Statement.  Simply follow some easy directions to determine your target payment and debt ratio, and you will know right away if you are a good candidate for approval or not!

Use this basic formula to help you prepare your loan modification forms correctly-make any necessary adjustments to your budget and bills so that you have the right amount of disposable income left over at the end of the month and you are on your way to the affordable mortgage you need.

You can get the help you need to apply and qualify for a loan modification 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