President Obama unveiled a new loan modification plan that is aimed at helping millions of borrowers stay in their homes and avoid foreclosure.  The $75 billion dollar relief plan is called The Affordability and Stability Plan and is to be effective March 4, 2009.  Will you qualify for this new loan modification program?  Here are some of the requirements that homeowners must meet to qualify:

1. You must live in the home as your primary residence
2. Second mortgages are not covered under this plan
3. You monthly mortgage payment must be 31% or more of your gross monthly income
4. You must be able to prove your income

Which banks are participating?  This new loan modification plan is voluntary and each lender will make a determination regarding which borrowers are eligible.  Homeowners do not have to be delinquent on their loans, however they must show they are or will suffer a financial hardship making their current home loan unaffordable to qualify for this loan modification. 

What should you do if you want to apply?  Interested homeowners will need to begin gathering the required paperwork and completing the loan modification forms so they can apply with their lender.  The new loan modification plan is free, and the Federal government has warned homeowners against paying upfront fees to apply with any company.  Borrowers need to start immediately to learn more about the new loan modification program, learn what documents are required and find out how to complete their applications properly to increase their chance of getting an approval on this new loan modification program.  Help is now available for homeowners who know how to qualify-make sure you are one of the borrowers who get the help they need.

You can get the help you need to understand and apply for the new loan modification program 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