Many frustrated homeowners that have hit a brick wall of resistance trying to get a Wilshire Credit Corp. loan modification may have a second chance to get the lower mortgage payment they need to avoid foreclosure.  The Obama "Making Home Affordable" modification program requires participating lenders to review every application from homeowners who request that they be considered for the plan. Most banks are in the process of reviewing their loans for eligibility.  If you are interested in learning how to pre-qualify for this plan, here is some valuable information.

Just because you have been denied a Wilshire Credit Corp loan modification in the past does not mean you cannot apply for the Obama plan.  The program features a standardized approval criteria that centers around a modified mortgage payment equal to 31% of a homeowners gross monthly income.  You can learn more about the plan and then pre-qualify yourself to make sure you can meet the approval guidelines.

Interested candidates will be asked to prepare some loan modification forms and provide certain documentation.  Based on the information provided, a determination will be made as to whether the homeowner qualifies for a loan modification using the Obama plan criteria.  Successful borrowers will be able to:

1. Prove they live in the home as their primary residence
2. Have a loan amount of $729,750 or less for a single family home
3. Show that their current mortgage equals more than 31% of their gross monthly income-including Homeowners dues, taxes and insurance

The Obama loan modification plan is free to homeowners, but you cannot be in an active bankruptcy to qualify.  One of the most important approval conditions is the debt ratio requirement.  Homeowners will be considered who can meet the 31% ratio requirement for the modified payment based on:

1. Reduction of interest rate to as low as 2%
2. Longer loan term to 40 years
3. Principal forbearance-deferred until home is sold or refinanced

If you know how to complete your Wilshire Credit Corp. loan modification paperwork correctly and can calculate your debt ratio to pre-qualify, your chances of approval can be greatly increased.  The Obama plan is a standardized loan workout, so borrowers who meet the requirements qualify for help, but those who cannot show they meet the guidelines will not.  In fact, there is a standard 4 step formula that is used to determine who is eligible.  You can learn this very same formula and use it to prepare your own acceptable application.

The lender is swamped with requests, so it is important to begin learning and gathering the required documents as soon as possible.  The loan modification process is getting easier every day.  This is a second chance for many homeowners, so make sure you don't miss out on your share of the billions of dollars in aid for struggling borrowers.

You can get the help you need to apply and qualify for a Wilshire Credit Corp. 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