Federal Plan

You can learn the standard formula that participating lenders use to determine your eligibility under the Obama Home Affordable Modification Plan. The Treasury Department has mandated that this formula be used when reviewing a borrowers request for a loan modification. Learn this basic 4 step formula and then you will be able to pre-qualify yourself and have a much better chance of getting your proposal approved.

The Treasury Department home rescue plan has some very good benefits for borrowers.  The federal Home Affordable Modification Plan or HAMP, is designed to provide an affordable and sustainable mortgage payment for homeowners who are either delinquent or at imminent risk of becoming delinquent. The first criteria that must be met is an evidence of a financial hardship situation. This could be due to any number of circumstances, but the generally acceptable ones include:

1. Loss in income or loss of income
2. Change in your financial situation
3. Using up your savings and having insufficient cash reserves to pay mortgage and basic living expenses-excluding retirement accounts
4. An Increase in Expenses
5. Excessive monthly debt payments and over extension with creditors-living off credit cards
6. Other reasons for hardship-each situation is unique

The standard formula used by lenders under the Obama HAMP is:

1. Verify the existing payment equals more than 31-38% if the household gross monthly income
2. New target payment that equals 31% of the gross monthly income (can use all household income-including roommates)
3. Arrive at new loan terms to reach that target payment by first reducing interest rate to as low as 2%, extending loan term to 40 years, and deferring or forgiving part of the the principal balance.
4. Verify that the homeowners financial statement information fits the debt ratio and target payment calculation by reviewing their financials

There are 7 basic triggers for acceptance into the HAMP guidelines.  You can use a software program that actually mimics these 7 triggers-included in The Complete Loan Modification Guide is the Loan Mod QUick App software.  Designed just for homeowners, it takes all the guess work out of preparing your financial statement.  Simply input your own specific income and expenses, and you see immediately what your debt ratio, new target payment, new interest rate and disposable income are.  It couldn’t be easier-you know immediately if you need to make any adjustments to your budget before your lender turns you down.

So, the way that you can be sure you have a very good chance of approval is to learn the basics of how to figure your target payment and debt ratio, then fine tune your financial statement and make any necessary adjustments to your budget before you send your proposal into your lender. Take the time to learn and prepare, and you will have a very good chance of getting the help you need and deserve. You can use the very same formula your bank will use when you prepare your own financial statement. It makes sense to fine tune your application so you meet the guidelines. Take advantage of the software program designed for homeowners to do all the calculations for you. Avoid making mistakes that could cost you the approval you need and deserve.

Don’t be frustrated and confused when trying to figure out how to qualify for HAMP.  Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier-end the frustration-Visit myloanmodificationcenter.com and order today.

STOP!  Do not submit your application until you learn the basics of what it takes to qualify for help.  Completing your loan modification forms correctly is the key to getting approved for the loan workout you need.  The fact is that your lender will base their decision in large part on the information you provide to them-so make sure that you have the upfront information you need to do it right.  Here are a few important tips that your lender won’t tell you-but that you need to know before you apply for a loan modification.

This is critical, you must have a goal in mind.  First of all, know what you are asking for.  This means that you have figured out a new family budget and determined an affordable new mortgage payment that you can pay and maintain.  This is called your target payment, and this is your goal when working with your lender.  Your loan modification forms need to prove clearly, in black and white, that you can afford this new modified target payment so that your bank will be motivated to help you.  To compute your new target payment, you must take into consideration your lenders debt ratio approval guidelines so that the new payment not only fits your budget, but also meets the banks criteria.  This is not hard to do once you understand how to calculate your own debt ratio-you can get directions on how to do this with the help of a handbook.

The federal plan called Home Affordable Modification, has set a target payment that equals just 31% of the household gross income.  Keep in mind that this payment also includes your monthly property taxes, homeowners insurance and any homeowners dues.  The goal is to give you an affordable and sustainable mortgage payment to avoid foreclosure.

TIP:  Here’s an important tip when completing your loan modification forms-be sure that you have eliminated any unnecessary expenses from your financial statement.  Your lender is looking to see that you have made home ownership a priority, so items like luxury car payments, club memberships or frivolous expenses will not be looked on favorably.  You must prove to your lender that you are doing everything you can to save your home, and convince them that you are a good candidate for a loan workout.

TIP:  Do you know about disposable income?  This is a very important consideration for many lenders when reviewing your loan modification forms. This refers to how much cash you have left over each month after paying all of your expenses.  Why is this important?  Simple, everyone has unexpected expenses, emergencies, etc. that require some extra money.  If your budget is so tight that you have no money left over and something comes up, you may not be able to pay your modified mortgage payment.  This causes your lender to feel that you might be a risk for re-default-and they do not want that to happen.  The trick is not showing too much or too little money left at the end of the month.

TIPS:  These three tips will help you complete your loan modification forms correctly,  so that you have the best chance of success.  Let’s face it-your lender does not have to offer you a loan workout-it is up to you to present your situation in the best possible light so that they will be motivated to help you stay in your home.  It’s not hard to understand, but make sure that you take the time to learn about all the tips and insider secrets you need to know before you prepare and submit your loan modification application.  It could be the difference between success and failure.

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

There is a lot of confusion about just who qualifies for a loan workout and how to get a home loan modification.  Since each lender, bank and servicer handles a homeowners request for assistance a little differently, it is difficult to really know exactly how the best way to apply and qualify will be.  However, with President Obama’s federal home rescue plan, the playing field has become just a bit more level.  At least now lenders are required to adhere to certain guidelines put in place by the Treasury Department.

The government has allocated $75 billion of stimulus funds to go towards a very aggressive loan modification program.  The idea is to get as many loans modified as possible so that the tide of foreclosures can be stopped and the housing market given a chance to recover.  Since many banks have been hesitant to really reach out to struggling borrowers, the feds have stepped in and agreed to actually pay the banks for each  loan workout they complete using the government program.

Federal Plan

This new program is called Home Affordable Modification, and even if you might have been turned down before or you are in the process, you can request consideration under this government program.  During the review process, lenders have agreed to halt any foreclosure processes until a determination is made on whether a borrower qualifies.

The best part of this government program is that you don’t have to guess about how to get a loan modification anymore.  The guidelines for qualifying are the same for everyone.  The methods of modifying the loans are the same for everyone.  The idea is to offer a streamlined, standardized program that every lender will use and reach as many homeowners as possible.

So, since the guidelines are standard, it just makes sense for any interested homeowner to spend a little time learning just what those guidelines are.  This is critical if you wish to increase your chances of approval-why just slap something together when you can fine tune your application so that you know it meets the approval criteria?  You can learn the basic 4 step formula your bank will use in the #1 resource for homeowners, The Complete Loan Modification Guide.  Apply this formula to your own application, and then make any necessary adjustments to your paperwork before your lender reviews it.

Don’t take chances-learn how to get 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. 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

Homeowners facing a financial hardship situation may be eligible for a Indymac mortgage loan modification under a government sponsored plan.  Obama has implemented a far reaching home saver effort called Home Affordable Modification.  Indymac is participating in the federally subsidized program, and the bank is currently offering homeowners the opportunity to apply for assistance.

What are the details of this plan and how can you apply?  The first step is to contact Indymac and let them know that you are facing a problem paying your mortgage and ask to be considered for Home Affordable Modification.  Make certain that you only call the Loss Mitigation Department-this is a special phone number just for this purpose.  Obama has mandated that all borrowers who ask for help under this federal plan be allowed to apply.  This means that even if you have applied before or are in the process, you can begin the loan modification process again.

Federal Plan

The good news for Indymac borrowers is that the Home Affordable Plan has standard guidelines for approval.  So if you take the time to learn about what the bank is looking to see from you, and then prepare your forms correctly, you have a very good chance of getting a loan workout.  No more guessing about how to apply and who qualifies-it is all standard for everyone.

You can use the very same 4 step formula that Indymac will use to help you pre-qualify and then prepare your forms so that they pass through the standard calculations for acceptance.  Don’t worry-you can follow simple, step by step directions provided on page 23-26 of the #1 resource for homeowners, The Complete Loan Modification Guide.  You also can use a helpful software program that is designed just for homeowners that automatically figures your debt ratio, new target payment, disposable income and other critical calculations-avoid mistakes and save hours of time with the Loan Mod Quick App Software.

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

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Not sure how to qualify for a loan modification? Loan Mod Quick App software takes the confusion out of preparing your application. This helpful tool takes the guesswork out of qualifying by figuring your debt ratio, target payment and other important calculations for you. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! You can save hours of time and avoid costly mistakes. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that includes the software, handbook, forms and much more. Visit myloanmodificationcenter.com and order today-Immediate download!

Federal Plan

President Obama and the Treasury Department is serious about helping homeowners who are facing a financial hardship and are at risk of losing their home.  The Home Affordable Modification Plan is being offered to borrowers who can meet the standard guidelines for approval.  The goal is to reach almost 5 million homeowners and give them new mortgage terms so that they will be able to afford to keep their homes.

Lenders are required to abide by that standard methods of determining who qualifies for assistance under the federal plan and then use standard methods of modifying those loans. If you can meet the basic criteria, then you will be considered for a loan modification.  You have to be able to answer “yes” to:

1. Do you live in the home as your primary residence?
2. Was your loan originated before January 1, 2009?
3. Is your loan amount less than $729,750?
4. Does your current payment equal more than 31% of your gross monthly income? (including principal, interest, taxes, insurance and homeowners dues?)
5. Are you facing a financial hardship situation due to loss of income or higher expenses?

Now that you have passed the initial guidelines, you will be asked to provide your financial statement that details your income and expenses each month.  You will also need to explain your current circumstances in a Hardship Letter and Hardship Affidavit.  All of these forms, along with detailed directions on how to complete them are included in the #1 resource for homeowners, The Complete Loan Modification Guide.

The new terms of your Home Affordable Modification can include:

1. Interest rate reduced to as low as 2%
2. Loan term extended to 40 years
3. Principal deferral or forgiveness

The goal of the new mortgage terms is to achieve a payment that equals just 31% of your gross monthly income.  There is a standard 4-step formula that your bank will perform to determine if your financial statement fits into the federal guidelines.  You can learn this very same formula and use it to prepare an acceptable Home Affordable Modification application and give yourself the inside edge to getting approved.

Take the time to learn the 4 step formula and 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. 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

There is a standard formula that Countrywide will use to determine your eligibility under the Obama Home Affordable Modification Plan.  The Treasury Department has mandated that this formula be used when reviewing a borrowers request for a loan workout.  Learn this basic formula and then you will be able to pre-qualify yourself and have a much better chance of getting your proposal approved.

The Countrywide Home Affordable Modification Plan is designed to provide an affordable and sustainable mortgage payment for homeowners who are either delinquent or at imminent risk of becoming delinquent.  The first criteria that must be met is an evidence of a financial hardship situation.  This could be due to any number of circumstances, but the generally acceptable ones include:

1. Reduction in income or loss of income
2. Change in the households financial circumstances
3. Lack of sufficient cash reserves to pay mortgage and basic living expenses-excluding retirement accounts
4. Increase in Expenses
5. Excessive monthly debt payments and over extension with creditors
6. Other reasons for hardship

Federal Plan

The standard formula used by lenders under the Countywide Home Affordable Modification Plan is:

1. New target payment that equals 31% of the gross monthly income (can use all household income-including roommates)
2. Arrive at new loan terms to reach that target payment by first reducing interest rate to as low as 2%, extending loan term to 40 years, and deferring or forgiving part of the the principal balance.
3. Verify that the homeowners financial statement information fits the debt ratio and target payment calculation

So, the way that you can be sure you have a very good chance of approval is to learn the basics of how to figure your target payment and debt ratio, then fine tune your financial statement and make any necessary adjustments to your budget before you send your proposal into your lender.  Take the time to learn and prepare, and you will have a very good chance of getting the help you need and deserve.

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

Wondering if you qualify for a loan modification with your lender?  Read about these homeowners who successfully modified their loan using the #1 resource for homeowners…

The #1 Do It Yourself Resource Guide-A Complete Loan Modification System for Homeowners

This Proven System Provides Homeowners with Everything they need to Successfully Modify their Mortgage themselves-and save thousands of dollars and hours of stress and frustration!

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Here are just a few examples of the successful loan modifications homeowners have received by using The Complete Loan Modification Guide kit:

Gabe & Maria had almost given up hope and were about to list their home for a Short Sale when they bought the Kit and decided to give it a try. Maria, a housekeeper, was worried about providing all of the documentation her lenders, Indymac and Wells Fargo, might need. Following the instructions she completed the application forms and using the Document Checklist, she submitted the complete application to the banks. 38 days later, both the first and second loans were modified and they were able to keep their home.

First Loan: Rate lowered to 3%, deferred $89,969 of principal and lowered payment by $1994 per month. Second loan: Waived all interest, new term of 20 years-payment cut in half.

Patty & Mario had paid $4500 to a company to help them modify their first loan, but were still struggling to pay their 11% second loan. Deciding to purchase The Complete Loan Modification Guide kit and try themselves, they prepared their forms and submitted the application to GMAC. They were extremely pleased when the bank approved their do-it-yourself application and they were able to get rid of their second loan altogether!

Second Loan: $99,650 Principal Forgiveness

Javier, a painter, was struggling to pay his $3363 monthly mortgage payment. He could not afford to pay thousands to a loan mod company, so he purchased the kit and filled out his application following the step-by-step directions. Learning about Obama’s Stimulus Loan Mod Plan in Chapter 2, he requested a loan modification using this federal program, and here’s the result:

Home Affordable Modification Plan lowered his mortgage payment to $1464.88 = 43% decrease!

Patricia was sick with worry-she had paid an attorney $3500 to get a loan modification, but 7 months later she received notice that her home was going to be sold by the bank. She decided to take matters into her own hands, purchased the Kit, and prepared her application using the forms provided in Chapter 10. She didn’t waste any time, and called her lender to apply for a loan modification again.

Home Affordable Modification Plan payment lowered by $1345 per month, foreclosure sale halted

Inez, a daycare provider, was 90 days delinquent on her Indymac mortgage and facing the possibility of losing her home. Although her family told her she could not qualify, she went ahead and bought The Complete Loan Modification Guide kit and began working on her application forms and gathering her documents. She submitted her loan workout proposal and just 3 weeks later,

Interest Rate reduced to 3%, loan brought current, late fees waived

Don’t believe that you have to pay thousands of dollars to get a successful Loan Modification- If these homeowners can do it- SO CAN YOU!

Home Edition Loan Modification Kit with Customer Assist

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