The Federal loan modification plan passed into law offers a standardized and aggressive loan workout program for struggling homeowners facing a financial hardship.  If you are not able to afford your mortgage payment, this $75 billion program may be the answer to get a lower monthly payment.  What do you need to do to apply and qualify for this plan? 

You must be able to meet the basic eligibility requirements in order to apply for President Obama’s federal loan modification plan.  If you can answer yes to these questions then you are a good candidate for help:

1. Your loan was originated prior to January 1, 2009
2. Loan amount is less than $729,750.00
3. You live in the home as your primary residence
4. Your current mortgage payment equals more than 31% of your gross monthly income

Banks and servicers must be approved to offer this plan to homeowners, and they must agree to offer the standardized terms to eligible borrowers.  Once approved, lenders will be able to participate in monetary incentives paid by the Treasury Department for modified loans.  This pay for success feature will hopefully encourage banks to finally offer the help needed by millions of homeowners.  Here is a list of lenders and servicers currently approved to offer this program:

1. Aurora Loan Services LLC
2. Bank of America, NA
3. Carrington Mortgage Services, LLC
4. Chase Financial, LLC
5. CitiMortgage, Inc
6. Countrywide HOme Loans Servicing LP
7. GMAC Mortgage
8. Green Tree Servicing LLC
9. Home Loan Services, Inc
10. Nationstar Mortgage, LLC
11. Ocwen Financial Corporation, INC
12. Residential Credit Solutions
13. Saxon Mortgage Services
14. Select Portfolio Servicing
15. Wells Fargo Bank, NA
16. Wilshire Credit Corporation

Lender and servicers are being added as participants sign their formal agreements.  If your bank is not on the list, call them and ask about Obama’s Federal loan modification plan.  Most lenders will accept applications while waiting for their final approval.  This plan offers interest rates as low as 2% for 40 years, resulting in a new low mortgage payment so homeowners can avoid foreclosure and stay in their home.

APPLICATION TIP:  Make sure you understand what your lender will be looking for on your loan modification forms to approve you-a decision will be made based on the information you provide so make sure you know how to complete your application correctly.  This is a one-time chance to get the lower payment you need, make sure you learn and prepare ahead of time to have the best chance of getting approved.  Homeowners who can meet the approval guidelines will get a loan modification-but those who complete their paperwork incorrectly or cannot prove they qualify will be denied the help they need.

You can get the help you need to apply and qualify for the federal loan modification plan by ordering and downloading 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.

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 and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com