Save Your Home

Millions of homeowners are struggling with unaffordable mortgage payments and looking for a way out.  The federal stimulus plan was passed to provide help to many borrowers by modifying their exisiting loan into more affordable monthly payments.  But how do you know if you qualify for Obama’s loan modification plan?  What is involved in applying with your lender and how can you be sure you have the best chance of approval?

The first step is to determine if you can meet the basic eligibility criteria.  You will be given a screening questionnaire and asked questions to determine if you are a good candidate.  Depending on your answers, you may be allowed to continue the application process for Obama’s loan modification plan.  These are the basic questions you will be asked during the first step of the process:

1. Do you live in the home as your primary residence?  Some borrowers own more than one home, however you must spend more than 50% of the time in the home you are asking a modification for to qualify.
2. Was your loan originated prior to January 1, 2009?  Loans taken out after that date to not qualify for Obama’s loan modification plan.
3. Does your current payment equal more than 31% of your gross monthly income?  Remember, the current payment calculation must include your monthy property tax expense, homeowners insurance and any homeowners dues.  If you current payment is less than 31% of your gross income, then you will not qualify.
4. Are you facing a financial hardship situation?  You must be either currently in a financial hardship or facing an imminent situation that will cause your current mortgage to be unaffordable.  This could be due to interest rate re-set, loss of job or income, or other circumstances out of your control.

Once you have passed the initial questionnaire, you will be asked to prepare your loan modification application forms and provide proof of your income and assets.  The information you provide to the bank will be carefully reviewed to determine if you meet the approval guidelines.  Do you know how to prepare your loan modification forms correctly so you have the best chance of approval?

You will need to prove in black and white that you will be able to pay and maintain the new modified payment or you will not be approved.  Your financial statements must show that you have enough income and that you have cut your expenses so that you a a good candidate.  Do you know how to make the necessary adjustments on your budget and financials to meet the guidelines?  Do NOT contact your lender or give them any of your information until you know what you are talking about-you do not want to make a mistake that could cause you to be declined.

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.

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. Also available in Ebook form.  For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com