Are you wondering about the loan modification programs available and unsure if you will qualify?  Each lender has its own set of guidelines in place to determine which borrowers will qualify for loan modification help.  Also, each homeowners situation is unique and so every loan modification application will be reviewed individually. The lender will then determine if the borrower will meet the requirements for the loan modification programs.  There are some general guidelines however that every lender follows.  You can increase your chance of success if you know this information before you submit your loan modification application so that you can complete the paperwork properly.  Here are some of the general guidelines:

• Principle residences only- most loan modification programs require that the borrower live in the home-no investment or vacant homes
• Borrowers cannot be in bankruptcy
• Homeowners must demonstrate a financial hardship-can be temporary or permanent
• Financial statements submitted by borrower need to show all income and expenses, and show the lender that they will have approximately $250-300 disposable income left over once the loan has been modified to the lower payment
• Borrower must provide proof of income and assets to meet debt ratio requirements for new modified payment-usually 31-45% is the target ratio
• Homeowners with untapped assets-cash, savings, investments, may not be deemed in a hardship situation and therefore not qualifed for loan modification programs

Troubled homeowners seeking assistance should first contact their own lender to ask them what the banks requirements for loan modification programs are.  If the lender has a loan modification application package, request one be sent to you.  Once you have the advance information on what it takes to qualify, you will be able to complete the required loan modification forms properly and increase your chance for success.  Take the time to research, learn and prepare-thousands of homeowners have already gotten loan modification help and you can too!

You can get the help you need to understand loan modification programs 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