If you are facing financial hardship and unable to afford your mortgage, the Federal Stimuls Plan loan modification may be an option for you. This $75 billion dollar program will offer free help to approximately 6 million homeowners. If you are struggling to make your mortgage payment, facing foreclosure or late payments, find out how this plan could help you stay in your home.
Did you know that even if you have been turned down for a loan modification program with your lender you can request to be considered for the new Obama plan? All participating banks will have to review each borrower who requests help to determine if they might be eligible for this new plan. You do not have to be delinquent on your payments to apply, if you are facing an imminent financial hardship due to interest rate reset, loss of income, or higher expenses, you can still qualify to get a reduced monthly mortgage payment.
If you meet these basic guidelines, you can apply for help under the Obama loan modification plan:
- Live in the home as your primary residence
- Mortgage balance $729,750 or less
- Current payment equals 31% or more of your gross monthly income (including taxes and insurance)
- Loan initiated before January 1, 2009
This is a full disclosure process, and homeowners who apply for the Obama loan modification plan will have to 
supply proof of their income and complete application forms detailing their income and expenses. Each applicant will be reviewed on a case by case basis, so it is very important to make sure your paperwork is complete and meets the approval guidelines. Borrowers will be asked to complete a financial statement, provide a hardship letter explaining their circumstances and provide their income documentation. You can follow the simple, easy to understand directions to complete all of your application forms in Chapter 3 of the #1 resource for homeowners, The Complete Loan Modification Guide.
The federal program is called Home Affordable Modification, and also includes workouts for second trust deeds. If you have a home equity line or other second loan on your home, you may be able to receive an interest rate reduction to 1%, and in some case the entire debt may be retired altogether. The Treasury Department is subsidizing lenders 12 cents on the dollar for wiping out the debt. This is to encourage homeowners to stay in their home after a significant loss of equity.
The Treasury Department is encouraging interested homeowners to begin gathering the required documents now as lenders are expected to be swamped with requests. Remember, this program is free to apply, but you should take the time to learn as much as possible about the process so you can increase your chances of success. Do not call your lender until you are prepared-make sure your application is done correctly. This is a second chance for millions of homeowners to get the lower monthly payment they need-don't miss your chance to get your piece of the Obama loan modification plan.
You can get the help you need to apply and qualify for this federal loan modification program 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. 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, your loan mod in a box. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
Comments(1)