President Barack Obama has launched a $75 billion dollar new loan modification program that is aimed at stopping the flood of foreclosures across the nation.  The 3 part plan is called The Homeowner Affordability and Stability Plan.  The new loan modification program hopes to help approximately 9 million homeowners stay in their homes.  There are requirements that borrowers must meet in order to receive help, will you qualify for a loan modification under this new program?  Read more…

Part one of the plan provides for a refinancing plan for borrowers who are current on their loans, but face financial hardship due to high interest rates.  One provision allows homeowners who owe more than their home is worth to refinance up to 105% of the current market value.

Part two is an aggressive new loan modification program that targets 4 million homeowners who are at risk of losing their homes.  This new loan modification program is designed to lower a borrowers house payments so that they equal 31% of their gross monthly income.  Lenders and servicers are being encouraged to participate with Federal monetary incentives. 

Part three is the assurance of $200 billion in Federal backing to Fannie Mae and Freddie Mac to help increase the credit available to borrowers for new loans.

This new loan modification program is voluntary, and each lender will still have to make their own determination for the eligibility of their borrowers.  Homeowners must be able to provide the loan modification forms, properly completed to demonstrate their ability to repay the new modified loan.  Not everyone will qualify and only those who can prepare an accurate and complete loan modification application will have the best chance of approval.

The Federal government noted that this new loan modification program is free, and cautioned borrowers against paying anyone a large fee to represent them.  Interested homeowners need to start gathering the required information so they can contact their lender on March 4, 2009 about applying for The Homeowner Affordability and Stability Plan.

Do you know what forms and paperwork are required to apply for this program?  You can learn more about how to qualify for this new loan modification program, discover how to compute your debt ratio so you meet the guidelines for approval and be guided step by step through the loan modification approval process with the help of The Complete Loan Modification Guide.  This easy to understand home edition handbook is the most up to date and comprehensive source of information and help for borrowers who need to get a loan modification.  You do not have to pay thousands of dollars to qualify for this new loan modification program, and the Federal government has announced this program is free and is encouraging borrowers to prepare their own applications.

You can get the help you need to understand and apply for your modification by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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. 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