There is a way to stop the foreclosure process that you can do yourself.  The Obama home rescue plan is designed to help you keep your home and stop a foreclosure proceeding.  The program is called Home Affordable Modification and is funded by $75 billion of stimulus funds.  This bailout program is paid for by your tax dollars so don’t hesitate to apply for a loan workout using this plan.  Banks will be paid by the Treasury Department to modify your loan, so now is the time to get all the information you need so that you can qualify for this home rescue plan.

Home Affordable Modification has standard guidelines and a pre-determined process for application and approval.  Once you know this basic information, you will be able to complete your application so that it has the best chance of approval.  This means that you should work on your loan modification forms before you call your bank and make any adjustments so that you fit into those guidelines.

The goal of this home rescue plan is to lower your monthly payment so that it equals just 31% of your gross monthly income.  This new modified payment is called your target payment-this is achieved by lowering your interest rate to as low as 2%, extending your loan term to 40 years, and even forgiving some of your principal balance.

What do you need to show the bank in order to qualify?  You must be able to:

1. Prove your income with pay stubs, tax returns, award letters, P & L, or some other form of verification
2. Show 2 months bank statements
3. Provide an explanation for a financial hardship situation-meaning your income is less or your expenses are higher.

The approval process will involve completing a simple financial statement that details your income and expenses.  This will provide your bank a snapshot of your financial situation and also let them know if you fit into the approval guidelines.  This is the most important part of your application-what you show on this form will largely determine if you are approved or not.  Take the time to get read the directions on the right way to complete your form so that you have the best chance of success in Chapter 2 of the #1 resource, The Complete Loan Modification Guide.

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.

Home Edition Loan Modification Kit with Customer Assist

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. 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