Federal Plan

President Obama and the Treasury Department is serious about helping homeowners who are facing a financial hardship and are at risk of losing their home.  The Home Affordable Modification Plan is being offered to borrowers who can meet the standard guidelines for approval.  The goal is to reach almost 5 million homeowners and give them new mortgage terms so that they will be able to afford to keep their homes.

Lenders are required to abide by that standard methods of determining who qualifies for assistance under the federal plan and then use standard methods of modifying those loans. If you can meet the basic criteria, then you will be considered for a loan modification.  You have to be able to answer “yes” to:

1. Do you live in the home as your primary residence?
2. Was your loan originated before January 1, 2009?
3. Is your loan amount less than $729,750?
4. Does your current payment equal more than 31% of your gross monthly income? (including principal, interest, taxes, insurance and homeowners dues?)
5. Are you facing a financial hardship situation due to loss of income or higher expenses?

Now that you have passed the initial guidelines, you will be asked to provide your financial statement that details your income and expenses each month.  You will also need to explain your current circumstances in a Hardship Letter and Hardship Affidavit.  All of these forms, along with detailed directions on how to complete them are included in the #1 resource for homeowners, The Complete Loan Modification Guide.

The new terms of your Home Affordable Modification can include:

1. Interest rate reduced to as low as 2%
2. Loan term extended to 40 years
3. Principal deferral or forgiveness

The goal of the new mortgage terms is to achieve a payment that equals just 31% of your gross monthly income.  There is a standard 4-step formula that your bank will perform to determine if your financial statement fits into the federal guidelines.  You can learn this very same formula and use it to prepare an acceptable Home Affordable Modification application and give yourself the inside edge to getting approved.

Take the time to learn the 4 step formula and 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. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.

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