Millions of struggling homeowners are facing unaffordable mortgage payments and need to get answers to their loan modification questions.  Who qualifies for these programs?  How do you begin the application process?  How long does it take?  Here is some information that could help you as you explore your home retention options.

1. 1.  What is a loan modification?  It is a change in the terms of your existing home loan.  This could be a reduction in the interest rate or loan term that ideally results in a lower payment.  These changes could be temporary or permanent, but the goal is to help you avoid foreclosure and stay in your home.  Unlike a mortgage refinance, there is no appraisal, credit score requirements or escrow.  You work with your current lender to revise your mortgage to more affordable terms.
2. Does my lender have to offer me a loan modification?  No, banks are not required to modify anyone’s loan.  Remember, banks are all about making money.  They will analyze your homes value, your ability to pay a mortgage payment and determine the least expensive solution.  If you can convince your lender that it is in their best interest to modify your loan, then you have a good chance of success.
3. How can I benefit from the Stimulus Plan?  This federally subsidized program is aimed at helping 4-5 million homeowners find a solution to unaffordable mortgages.  Lenders are actually paid to modify loans for qualified borrowers when they use this program.  You can apply for a loan workout under the federal plan if you meet the basic requirements.
4. What are the requirements under the federal loan modification plan?  You must live in the home as your primary residence, your loan must be less than $729,750 and have been originated prior to January 1, 2009.  Your current payment must equal more than 31% of your gross monthly income-including your taxes, insurance and homeowners dues.  You must be in a financial hardship situation or facing an imminent hardship.
5. 5.  How do apply for a loan modification with my lender?  You will be asked to complete some forms, including a financial statement or budget that details your income and expenses.  You will also have to give them proof of your income and assets.  A short written explanation of your financial hardship will also be required.
6. 6.  Can I call my lender and just give them my information to find out if I qualify?  You can-but you’re are taking a big chance.  A much better option is to take time to learn how to complete your loan modification application correctly so that you have the best chance of qualifying.  This means that your work on your budget ahead of time, make any adjustments and fine tune it so that it proves you are eligible.
7. How can I learn about the approval guidelines and how to complete my loan modification forms correctly?  There is a very useful handbook for homeowners, the best selling guide-The Complete Loan Modification Guide that takes you step by step to prepare an acceptable loan modification application.  Learn about approval guidelines, how to complete your budget and tips to make necessary adjustments.

Over 150,000 homeowners have already been helped with a loan modification using the federal program, all it takes is some preparation to make sure you have the best chance of approval.  Learn, prepare your application correctly, then contact your bank to apply. 

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. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com