An OCWEN loan modification could offer the lower payment you need to stay in your home.  The program features some very aggressive terms and is funded by the Treasury Department thru the Federal bailout plan.  This plan is targeted to help millions of struggling borrowers find a solution to avoid foreclosure.  Need to know if you qualify and how to apply?  Here are some FAQ’s to help you get started.

Who qualifies for OCWEN loan modification help?

1. Borrowers must be able to demonstrate an acceptable financial hardship situation.  This may due to loss of job or income, medical issues, divorce or separation, military service, interest rate reset on adjustable loan, etc.  Do you know how to write an acceptable hardship letter?  Make sure it contains the 4 trigger phrases the lender needs to see.
2. Income verification-household income including non-borrowers, room mates and other types of income may be acceptable.  You must be able to prove your income and be able to prove in black and white that you will be able to afford the new modified mortgage payment, now and in the future.  Your lender will ask for a financial statement that details your income and expenses, do you know how to complete this correctly so that it meets the approval criteria?  This is the most critical part of your whole submission-you must be able to fit into the federal guidelines for an OCWEN loan modification.
3. You must live in the home as your primary residence to qualify for the Obama Home Affordable plan.  Your loan must have been originated prior to January 1, 2009 and be less than $729,750.

If you can prove that you fit into the federal loan modification guidelines, then you may be eligible to have your current mortgage payment reduced significantly.  The plan allows for interest rate reductions all the way down to 2%, loan terms to 40 years, and even principal reduction.  A loan workout that gives you an affordable payment could be the answer you need to stay in your home.

If you can answer yes to the above items, you may be a good candidate for anOCWEN loan modification.  The plan is standardized and will offer certain loan modification options to qualified borrowers.  The goal of the plan is achieve a new monthly payment (including taxes, insurance and homeowners dues if applicable) that equals just 31% of the homeowners gross monthly income.  The methods used to arrive at the new payment include:

• Reduce interest rate to as low as 2%
• Extend term to 40 years
• Deferral of some principal balance-no interest or payments are due on this amount, but it will be due and payable when the home is sold or refinanced

How do you apply for a Fannie Mae loan modification? Check your lenders website to make sure they are participating in the program.  You can also call your lender and ask to be considered.  Even if you have applied before or been declined in the past, you are entitled to be considered for this plan.  Make sure you that are prepared ahead of time so that you will be able to complete the application paperwork correctly.  Remember, you must be able to demonstrate that you meet the eligibility requirements.

The Fannie Mae loan modification program uses a standard 4 step formula to determine who qualifies.  You can learn this very same formula and use it to fine tune your own application.  Remember, you must be able to prove on your application that you meet the eligibility criteria.  So take the time now to learn how to improve your chances of getting approved.  This could be the second chance you need, make sure you do it right.

You can get the help you need to apply and qualify for an 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. 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