Learn how you may be eligible for the governments bailout for struggling homeowners.  There is a lot of confusion and wrong information on just what it takes to qualify for the OCWEN federal home rescue plan.  Before you get frustrated and give up, take a moment to learn the loan modification criteria that you lender will use to determine if you are eligible for the government sponsored loan workout program.

OCWEN is offering the Obama federal home saver plan and is using the standard guidelines that are used for loan modification criteria.  Prior to this, each bank used their own factors to determine who got help-that made it very difficult to even know what you were supposed to be aiming for.  Consequently, very few homeowners were successful with their loan workouts.  Now however, you can learn the standard criteria, and then use that information to fine tune your own application before your lender reviews it.

OCWEN loan modification criteria must be met and proven in black and white before you will be offered a loan workout.  The basic conditions for applying for the Home Affordable Plan are:

1. Live in the home as your primary residence
   

   Federal Plan

2. Your loan was taken out prior to January 1, 2009
3. Loan amount is less than $729,750 (for 1 unit- higher for 2-4 unit properties)
4. Current payment equals more than 31% of your gross monthly income
5. Facing a financial hardship situation due to loss of income, higher expenses or other circumstances beyond your control

Once you pass this initial loan modification criteria, you will be asked to submit some application forms.  These will include:

• Hardship letter/Affidavit
• Financial Statement-details your income and expenses
• Current pay checks or other proof of household income
• Bank statements
• 2 years tax returns-federal only

All of this information will be reviewed and based on the information you provide, a determination will be made if you qualify or not for government assistance.  You do have some control over whether your application has a good chance of success or not.  You should take the time to learn the 4 step formula that your lender will use to determine if you meet the loan modification criteria set forth by Obama.  You can then use this very same formula to make any necessary adjustments to your financial statement before the lender reviews it.  Why take chances when you home is on the line?  Do everything you can to make sure you have the best chance of approval.

You can get the help you need to apply and qualify for a OCWEN 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