If you are struggling with your home mortgage payments because of a change in your financial circumstances, then you should learn more about Obama’s loan modification program. This is the bail out for distressed homeowners that promises to modify your current home loan into one with a lower interest rate and much more affordable mortgage payments.  This is a government program, and so it has certain approval guidelines that must be met in order to participate.

The Obama loan modification program has 7 basic triggers for approval that must be met by interested homeowners.  One of these is called the Asset Ratio.  Your assets will be reviewed to determine if you fit into the program or not-but only certain assets will be counted.

ASSET RATIO FOR LOAN MODIFICATION

1. Liquid assets-checking, savings, CD’s, Money Market, stocks will be counted
2. Retirement accounts are “protected” and will not be counted
3. You are allowed to have 3 times your monthly housing expenses (this includes your house payment, property taxes, homeowners insurance and any HOA dues) in a liquid account
4. Some lenders may revise that amount and limit the total amount of liquid assets to just $5000 total

Know the Guidelines

How does your lender know how much money you have in the bank?  Well, when you prepare your financial statement as part of your loan modification application for Obama’s plan, you will be asked to disclose your banking information.  You may also be asked to send in 2 bank statements or even up to 6 months of bank statements.  Whatever accounts you indicate on your application will need to be substantiated with copies of statements.

The general idea behind this asset ratio is to only offer help to those homeowners who have exhausted all of their other options-including any savings accounts.  You really need to show that you are at the end of the rope and the only viable option for keeping your home is to get a loan modification.  Remember, you are asking your bank to lose money and they really do not like to that-but under Obama’s plan they will receive a subsidy payment-as long as they follow the standard guidelines.  This includes the asset ratio guideline.

There are 6 other approval triggers for Obama’s loan modification plan.  If you are worried about preparing your application correctly so that it meets all of these, you may want to use a software program that actually mimics these triggers and will do all the calculations for you automatically.  Just put in your monthly income and expenses and you will see immediately if you are passing or if you need to make some minor adjustments to your figures.  Doing this before the bank reviews your paperwork is one sure way to be certain you have the best chance of approval.

Prepare your application correctly!

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.  The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit http://www.myloanmodficationcenter.com for more information.

Can you benefit from President Obama’s federal loan modification plan? This federal program is called Home Afffordable Modification or HAMP for short. If you are stuck in an unaffordable mortgage and facing a financial hardship situation, you need to learn how to apply and qualify for help using this government program. Here is a basic overview of the guidelines for approval and the terms offered for eligible homeowners.

5 Basic Guidelines for HAMP Eligibility:

• You must live in the home as your primary residence
• Your loan must have been originated before January 1, 2009
• The loan amount must be less than $729,750
• Your current mortgage payment must equal more than 31% of your gross monthly income-including your taxes and insurance, and any homeowners dues
• Your servicer must be approved to offer this plan by the Treasury Department

Standard Federal HAMP Loan Modification Plan Terms:

• The new modified payment will be targeted to equal no more than 31% of your gross monthly income
• A waterfall process will be utilized to reach the desired payment
• Reduction of interest rate to as low as 2%
• Loan term extended to as long as 40 years
• Principal forbearance or forgiveness if needed to reach the desired payment-Updated program offering called PRA-Principal Reduction Alternative provides a standard loan balance reduction option in certain cases

Get the Right Person on the Phone!

Interested homeowners will need to contact their lender and ask to be considered for Obama’s federal loan modification plan-HAMP. You will be asked to submit an application that includes a hardship letter explaining your circumstances, a financial statement detailing your income and expenses called a RMA, and proof of your income, such as paycheck stubs.

There is a standard 4 step formula that your lender will use to determine if you fit the guidelines and will be approved for a loan modification. You can use a software program designed just for homeowners that actually mimics the very same formula. Simply input your own income and expenses and your debt ratio, new target payment, new interest rate and disposable income are all figured automatically. You see immediately if you might need to make adjustments to your budget in order to qualify. You can save hours of frustration and make sure you prepare your application correctly the first time when you use the Loan Mod Quick App software..

APPLICATION TIP: Make sure you know and understand the approval guidelines and then prepare your loan modifications correctly before contacting your bank. You have a one-time chance for approval, so completing your application and fine tuning your forms before sending them to your lender for review will give you the best chance of success. Avoid mistakes and surprises-learn and prepare, then apply.

Prepare your application correctly!

Not sure how to qualify for a loan modification?  Loan Mod Quick App software takes the confusion out of preparing your application.  This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you.  Why take chances with your application?  Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you!  You can save hours of time and avoid costly mistakes.  The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Financially strapped homeowners may be able to get help under President Obama’s Home Affordable Plan.  Depending on your circumstances, you could be eligible for one of the three options offered and funded by the Treasury Department.  $75 billion dollars has been allocated to help stop the foreclosure crisis, and you may qualify for help under this loan modification program.  Learn the options and find out which one could benefit you.

Home Affordable plan option #1 is a refinance plan that gives borrowers the opportunity to take advantage of the current low interest rates by refinancing their current loan.  In order to qualify for this plan, you cannot be late on your mortgage payments and you cannot owe more than 105% of the homes current market value.  This part of the program only applies to your first trust deed, and if you have a second loan that lender must agree to the transaction.

Home Affordable plan option #2 is a loan modification program that will offer qualified homeowners

Federal Plan

interest rate reductions down to 2%, loan terms extended to 40 years and finally some principal deferral on their first trust deeds.  The goal is to reach a target payment that equals just 31% of your gross monthly income.  If you have a second loan on your home, the plan now mandates a modification to that loan as well with interest rates down to 1% or 2%, and in some cases the debt may be retired entirely.

The Treasury Department is paying the lender for each successful modification, and borrowers who are able to maintain the new modified payments will also be paid up to $6000 over the next 5 years.  If you do not qualify for the refinance plan because you are delinquent or you owe too much on your home, the Home Affordable Modification may be a good option for you.  Make sure you understand the approval criteria and prepare your application before calling your lender to apply.  This is a one-time chance and you want to make sure you know how to qualify so you don’t make a mistake.

Home Affordable option #3 is a short sale or deed in lieu of foreclosure.  This part of the plan is called HAFA for Home Affordable Foreclosure Alternative.  The federal government will now pay lenders $1000 for allowing a sale where the proceeds are less than the amount owed on the property.  This streamlined short sale process with help homeowners with an exit strategy that will not be so damaging to their credit.  The government will also share the cost of eliminating second liens on the property.  If the short sale does not work, the the homeowner can turn over the keys and transfer the home without a foreclosure process.  The borrower could then be eligible for  $1500 or more in relocation expenses.

All of these options have monetary incentives that encourage lenders to work with borrowers and find a solution quickly.  Even so, not all borrowers will qualify for these options.  If you are facing financial difficulty, find out more about the programs and how you could qualify for help.  You must invest some of your time and effort to learn and prepare before contacting your lender if you hope to be successful.  The government is encouraging homeowners to work directly with their lenders and discouraging loan modification companies who charge large fees to assist borrowers.  You can get help-if you know how to get it.  Start now to learn and prepare so you can get back on track.

You will be asked to prepare a HAMP application, which will include a hardship affidavit and financial statement.  Your monthly income and debts will be reviewed and based on a formula that is used to determine who qualifies, you will be told yes or no.  You can increase your chances of getting a loan modification by learning this formula and then using it yourself to prepare your own acceptable loan workout application.  If you are unsure about how to do this, take advantage of a software program designed just to help homeowners apply and qualify.

Download immediately!

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Frustrated with the long wait times, numerous requests for the same documents and getting the run around from your lender?  Well, the loan modification process is going to be getting a lot better real soon as the Fed has told banks to change their method of reviewing applications and stop all the delays.  This is good news for homeowners who are at the end of their rope and frustrated with their banks being unable to give them a straight answer.

The loan modification process has been painful up until now.  The statistics of finalized loan modifications are dismal, and the FED has put a stop to lenders offering trial modifications for homeowners who have not yet provided all of their documentation.  A big part of the failure to permanently modify loans has been that once the borrower provided all of their income documentation and financial statement, it was determined that they did not qualify after all.  The trial modification was canceled, and the borrower was blindsided with learning they would not be able to take advantage of Obama’s loan modification.

Know the 3 critical elements of a hardship letter

Now, lenders will have to follow a set timeline and loan modification process-hopefully to speed up the final outcome for stressed out and desperate homeowners.  Here is the new timeline for loan modification applications:

1. Banks must respond to loan modification applications within 10 days of receipt, acknowledging the request and asking for missing documentation
2. Once they receive the documentation, they must give an answer within 30 days-either yes or no.
3. If yes, then the homeowner will be put on a 3 month trial-if payments are made on time, the loan modification will become permanent AUTOMATICALLY.  No more reapplying or updating info.
4. If no, then the borrower will be offered some other option, like short sale or deed-in-lieu (foreclosure)

The good news is that the waiting time will be much shorter for homeowners to find out if they qualify for Obama’s loan modification-but that is also bad news for borrowers who do know how to prepare and submit an acceptable application.  Think about it-you only get one chance so you have to do it right the first time.

Obama’s loan modification process requires you to submit a financial statement that details your monthly income and expenses.  Based on the information you provide, your bank will decide if you fit into the federal guidelines for acceptance.  There is a standard formula that you need to meet-use this formula and you will have a good chance of approval.  Your debt ratio, disposable income and asset ratio are a few of these qualifications-do you know how to figure those out?  Don’t worry-you can use a software program that does all the calculations for you automatically.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out

Download immediately!

of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Obama’s new loan modification plan was announced as a way to help homeowners who are unemployed or who have lost so much value in their homes that they do not have any other options to maintain homeownership.  Unemployment levels are at record highs and are causing many borrowers to become delinquent on their home loans for the first time.  These formerly good credit homeowners are faced with few options under the current loan modification plans, because they cannot prove enough income to meet the federal approval guidelines.

Obama’s new loan modification plan was announced as a way to help the hardest hit states provide some home retention alternatives for unemployed homeowners.  The states that will be able to offer this assistance are:

• California
• Arizona
• Michigan
• Florida
• Nevada

The details fo Obama’s loan modification plan have not yet been announced, but the guidelines will probably be close to the HAMP criteria.  In all likelihood it will be for primary residences only and homeowners will have to provide documentation about their unemployed status and also regarding their financial hardship situation.

Homeowners will have to provide a financial statement and hardship letter along the lines of Obama’s HAMP loan modification program.  It is critical to know how to prepare your paperwork correctly so you don’t miss out on this chance for government assistance.  Take the time to learn and be prepared before you contact your lender-it could be the difference between success and failure.

Do you need help to figure your debt ratio or disposable income?  What about how to determine your new target payment and new loan terms?  Don’t worry-you can save hours of time and frustration and avoid mistakes with the help of a software program that does all the calculations for you automatically.

Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

Federal Plan

Can you benefit from President Obama’s federal loan modification plan? This federal program is called Home Afffordable Modification or HAMP for short.  If you are stuck in an unaffordable mortgage and facing a financial hardship situation, you need to learn how to apply and qualify for help using this government program. Here is a basic overview of the guidelines for approval and the terms offered for eligible homeowners.

Guidelines for HAMP Approval:

1. You must live in the home as your primary residence
2. Your loan must have been originated before January 1, 2009
3. The loan amount must be less than $729,750
4. Your current mortgage payment must equal more than 31% of your gross monthly income-including your taxes and insurance, and any homeowners dues
5. Your servicer must be approved to offer this plan by the Treasury Department

Federal Loan Modification Plan HAMP Terms:

• The new modified payment will be targeted to equal no more than 31% of your gross monthly income
• A waterfall process will be utilized to reach the desired payment
• Reduction of interest rate to as low as 2%
• Loan term extended to as long as 40 years
• Principal forbearance or forgiveness if needed to reach the desired payment

Interested homeowners will need to contact their lender and ask to be considered for Obama’s federal loan

Know the 3 critical elements of a hardship letter

modification plan-HAMP.  You will be asked to submit an application that includes a hardship letter explaining your circumstances, a financial statement detailing your income and expenses, and proof of your income.  There is a standard 4 step formula that your lender will use to determine if you fit the guidelines and will be approved for a loan modification.  You can use a software program designed just for homeowners that actually mimics the very same formula.  Simply input your own income and expenses and your debt ratio, new target payment, new interest rate and disposable income are all figured automatically.  You see immediately if you might need to make adjustments to your budget in order to qualify.  You can save hours of frustration and make sure you prepare your application correctly the first time.

APPLICATION TIP: Make sure you know and understand the approval guidelines and then prepare your loan modification forms correctly before contacting your bank. You have a one-time chance for approval, so completing your application and fine tuning your forms before sending them to your lender for review will give you the best chance of success. Avoid mistakes and surprises-learn and prepare, then apply correctly.

Don’t take chances with your HAMP application!  You can get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

The Obama loan modification program offers hope and help to almost 5 million homeowners stuck with high monthly payments.  But did you know it also pays you to participate?  That’s right, homeowners who meet certain requirements will be paid up to $5000 as an incentive to keep the modified mortgage current.  Here is how it works.

Part of the $75 billion dollars allocated for the Obama loan modification plan has been set aside in a Pay for Success fund that will reward homeowners who have qualified for the new lower monthly mortgage payment, and kept those payments current.  Here is what you must do to qualify for the payout:

1. Meet certain qualifications to qualify for the loan workout program
2. Keep the new modified payments current for at least 12 months
3. A bonus of $1000 will be paid for each year without delinquencies,up to 5 years total

Pay a Company?

The total possible pay out of $5000 will be credited directly towards your principal balance. This incentive is designed to encourage borrowers to stay in their homes making the payments, and also to help recapture some lost equity.  Homeowners who can qualify for the Obama loan modification plan will have their monthly mortgage payments reduced to a target payment that equals 31% of their gross monthly income.  This new lower payment is designed to be affordable and sustainable for the long term and should help millions of qualified borrowers avoid foreclosure.

How can you make sure you will qualify for the Obama loan modification program?  Well, the first step is to know how to meet the debt ratio requirement.  Do you know how to figure your expenses and calculate your debt ratio?  It’s not hard to learn, but taking the time to do this could mean the difference between approval and denial.  You don’t have to pay thousands of dollars to anyone to apply for this loan workout-the plan is free-and you can do it yourself with just a little bit of preparation.

It’s not rocket science, just simple math-so make sure you do everything you can to increase your chances of saving your families home.  There is a standard 4 step formula that is used to determine who qualifies for the federal loan modification plan.  You can learn this very same formula and use it to prepare your own accurate and acceptable proposal for your lender.  Why take chances when the answers are available for you to use?

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.

Home Edition Loan Modification Kit with Customer Assist

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

Federal Plan

President Obama and the Treasury Department is serious about helping homeowners who are facing a financial hardship and are at risk of losing their home.  The Home Affordable Modification Plan is being offered to borrowers who can meet the standard guidelines for approval.  The goal is to reach almost 5 million homeowners and give them new mortgage terms so that they will be able to afford to keep their homes.

Lenders are required to abide by that standard methods of determining who qualifies for assistance under the federal plan and then use standard methods of modifying those loans. If you can meet the basic criteria, then you will be considered for a loan modification.  You have to be able to answer “yes” to:

1. Do you live in the home as your primary residence?
2. Was your loan originated before January 1, 2009?
3. Is your loan amount less than $729,750?
4. Does your current payment equal more than 31% of your gross monthly income? (including principal, interest, taxes, insurance and homeowners dues?)
5. Are you facing a financial hardship situation due to loss of income or higher expenses?

Now that you have passed the initial guidelines, you will be asked to provide your financial statement that details your income and expenses each month.  You will also need to explain your current circumstances in a Hardship Letter and Hardship Affidavit.  All of these forms, along with detailed directions on how to complete them are included in the #1 resource for homeowners, The Complete Loan Modification Guide.

The new terms of your Home Affordable Modification can include:

1. Interest rate reduced to as low as 2%
2. Loan term extended to 40 years
3. Principal deferral or forgiveness

The goal of the new mortgage terms is to achieve a payment that equals just 31% of your gross monthly income.  There is a standard 4-step formula that your bank will perform to determine if your financial statement fits into the federal guidelines.  You can learn this very same formula and use it to prepare an acceptable Home Affordable Modification application and give yourself the inside edge to getting approved.

Take the time to learn the 4 step formula and 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.

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

Just what is the Obama home saver plan?  Did you know that close to 5 million homeowners may be qualified for Obama’s federal loan modification plan?  Featuring a new mortgage rate as low as 2%, this home save program is designed to keep borrowers in their homes and stop foreclosure and defaults.  Now is the time to learn if you could benefit from this government outreach.  Don’t hesitate to apply for assistance-after all this program is paid for with your tax dollars and you deserve this help.

All banks, lenders and servicers have agreed to follow standard guidelines for qualifying and modifying home loans using this federal plan, called Home Affordable Modification Program.  In return, the lenders will be paid an incentive by the Treasury Department for each mortgage modified using this government plan.  This means that your bank has a big incentive to help you-all you have to do is to prepare your loan modification application correctly so that it meets the standard guidelines and you have a good chance of approval.

Federal Plan

The heart of the Home Affordable Modification Program is to modify home loans so that the monthly payment is reduced to equal just 31% of the borrowers gross monthly income.  This is accomplished by using a set of methods in this order:

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

If your new 31% target payment can be achieved by using these methods, then you are a good candidate for approval.  You can learn the 4 step formula your lender will use, and then apply that to your own application.  This way you know ahead of time that you qualify, and if needed you can make any necessary adjustments to your figures so that you fit right into the guidelines.

Learn the exact 4 step formula and 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.

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