If you have a high Bank of America home loan payment, you might have heard about President Obama’s home bailout plan designed to help struggling borrowers stay in their homes and avoid default.  Thisprogram is funded by $75 billion in stimulus money, and the Treasury Department is in charge of making sure Bank of America reaches out and helps homeowners who are struggling with unaffordable mortgage payments.  Here is some information on this plan and how you can apply and qualify for government assisted loan modification.

Bank of America is participating in Obama’s home bailout plan, called Home Affordable Modification.  It is the first really uniform program offered and paid for by the government to put an end to the flood of foreclosures across the country.  The idea is to modify a borrowers current mortgage so that the monthly payment is affordable now and in the future.  Since lenders have been dragging their feet to offer any real help to homeowners, the federal government has set up a “pay for success” program for the banks and borrowers.  Now, the banks will be paid for each home loan they modify using the standard guidelines for Home Affordable Modification.  Eligible homeowners will also be paid for keeping the new modified loan current.

The centerpiece of the program is called a target payment.  This is the new monthly mortgage payment

Federal Plan

achieved through standard methods set by the Treasury Department and used on all Bank of America loans under the Home Affordable Modification plan.  In order to achieve this target payment, the banks will:

1. Lower the interest rate to as low as 2%
2. Extend the loan term to 40 years
3. Defer or forgive some of the principal balance

If you are facing a financial hardship situation, then the Home Affordable Modification Program could be the answer you need to stay in your home.  President Obama is encouraging all homeowners to contact their banks and ask to be considered for this government bailout program.  Even if you have been turned down before, you are allowed to apply again for this plan. A Bank of America loan modification with a 2% rate could be the solution to help you afford your mortgage again.
APPLICATION TIP:  Learn what the approval guidelines are for this plan before you contact your lender.  Once you understand how to prepare your application correctly, you will greatly increase your chance of approval.

You can get the help you need to apply and qualify for a Bank of America 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.

Home Edition Loan Modification Kit with Customer Assist

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