Are you facing a financial hardship and finding it hard to make your mortgage payments?  If you are delinquent or are at risk of getting into trouble due to unaffordable mortgage payments, then you may be eligible to apply for President Obama’s Federal loan modification plan.  The first step is to find out if your lender or servicer has been approved by the Treasury Department to offer this government program.  Here is a list of the authorized lenders, see if yours is listed:

Aurora Loan Services, LLC.

Bank of America, NA

Bayview Loan Servicing, LLC

CCO Mortgage

Carrington Mortgage Services, LLC

Chase Financial, LLC

Citimortgage, Inc

Citizens First Wholesale Mortgage Co.

Countrywide Home Loan Servicing LP

First Federal Savings and Loan

GMAC Mortgage LLC

Green Tree Servicing LLC

Home Loan Services Inc

IBM Southeast Employees Federal Credit Union

Lake National Bank

National City Bank

Nationstar Mortgage LLC

Ocwen Financial Corporation, Inc

RG Mortgage Corporation

Residential Credit Solutions

Saxon Mortgage Services

Select Portfolio Servicing

Technology Credit Union

Wachovia Mortgage FSB

Wells Fargo Bank, NA

Wescom Central Credit Union

Wilshire Credit Corporation

Did you find your lender or servicer?  If you did, then you should contact them and ask to be considered for the federal loan modification plan called “Making Home Affordable”.  This federally subsidized loan workout program features modified mortgage terms designed to give borrowers a payment they can afford and help them to avoid foreclosure.  Under this program, you could see your interest rate reduced to as low as 2% for 40 years and possibly have part of your principal balance deferred or forgiven.

Pay a Company?

Lenders will receive cash incentives paid by the Treasury Department for each loan they modify using this federal loan modification plan.  You do not have to be delinquent to qualify, nor does your loan have to be owned by Freddie Mac or Fannie Mae in order to get help.  Homeowners will also be eligible for payments of up to $1000 per year for each year they maintain the new modified payment-for a maximum of five years.  If you have a second trust deed as well, this federal plan mandates that it also be modified concurrently.

If you did not see your bank listed, don’t give up.  New lenders are being approved everyday, and most are accepting applications from interested borrowers while they await their formal Treasury Department approval.  You should use this time to learn more about how the plan works, and find out how to complete your application paperwork so you have the best chance of qualifying.

APPLICATION TIP:  The secret to successfully getting your loan modified using President Obama’s federal loan modification plan is to prove that you meet the program’s approval criteria.  There are standard guidelines that must be met-either you qualify or you don’t.  But you can make some minor adjustments to your budget and financials so that you have a very good chance of meeting those guidelines-you just need to know how to prepare your application correctly.  You can follow the step by step directions to complete your loan modification forms in Chapter 3 of the #1 resource guide for homeowners, The Complete Loan Modification Guide kit.

Learn about the guidelines for approval and how to prepare your own acceptable loan modification application 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 apply and qualify for the Obama federal program too. 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