Federal Help

Obama’s government loan modification plan has already helped over a million struggling homeowners-but the program still has another year and a half to go, which means that several million borrowers may still be able to get a lower mortgage payment by applying for HAMP-Home Affordable Modification Plan.  However, not everyone will qualify so it is important to understand just what the bank needs to see in order to have the best chance of approval.

Obama’s HAMP Qualification Outline:

Funded by Stimulus TARP Plan-Updated 2011

Stops Foreclosure Upon Application Review

Primary Residences Only

Fannie Mae, Freddie Mac and Non GSE Loans Allowed

Must be Facing Financial Hardship

Loan Amounts less than $729,750 Only

Waterfall Method of Modification Used

Government pays Subsidies to Lenders to Modify

Borrowers Must Meet Mathematical Formula for Income

Before applying for Obama’s HAMP loan modification plan, homeowners need

Sample Budget-Automatically!

to work on their monthly budget – including income, expenses and current bank balances to be sure that they fit into the standard program guidelines.  It is recommended to run your figures through the loan modification software calculator to determine if the guidelines are met-or if more income is needed to qualify.  The HAMP guidelines include a mathematical formula that uses monthly income, expenses, bank balances and current mortgage information to determine who will qualify.

HAMP Loan Mod Program

The HAMP qualifications can be confusing for homeowners and often the loan modification will be denied simply because the application was not completed correctly.  If you do not know how to fine tune your monthly budget to prove that you fit into the HAMP program guidelines then chances are you will be denied.  The formula used is not a secret – in fact the government published it and every bank signed a contract agreeing to use this same formula.  You can also use the formula to help you complete your application and be confident that you fit right into the approval guidelines.

Get the help you need to prepare your HAMP government loan modification application – use the #1 best selling resource for homeowners to help you do it right.  The  Complete Loan Modification Guide kit and loan modification software program provides you with everything you need-step by step directions, required forms, and the software calculator

Download immediately!

automatically gives you your very own sample monthly budget to follow.  See immediately just where to fine tune your budget-income, expenses and new loan terms are all calculated automatically for you.  Visit MyLoanModificationCenter.com for more information today!

Do You Qualify?

Homeowners struggling with high mortgage payments may be able to qualify for Indymac’s HAMP loan modification program.  It can be difficult to qualify for this loan workout plan, but homeowners can learn the fast way to approval.  Learn how to get approved using the inside formula that the bank uses!

The Indymac HAMP loan modification program will only be offered to those borrowers who can prove that they fit right into the standard guidelines.  This means that your monthly income, monthly expenses and bank balances all meet the formula used by the bank to modify your loan.   The information you provide on your loan mod application will be used by the bank in this formula, and a decision is made based on the results after inputting your income, expenses and bank balances.

Here are some tips for fast approval on the Indymac HAMP Loan

Know the Guidelines

Modification Plan:

1. Work on your monthly budget BEFORE submitting it to the bank.  You do not want to disclose your income, expenses and bank balances until you are certain that they fit into the formula for approval.
2. Make sure that you fit the basic eligibility guidelines, you must live in the home and you may need to provide a utility bill to prove this.  Your loan amount must be less than $729,750 and the loan taken out before January 1, 2009.  Most importantly, you must be facing a financial hardship situation.
3. Compose a good hardship letter that describes your situation and explains what has happened to make the current payment unaffordable.  The acceptable hardship reasons are:  loss or reduction of income, increased expenses, lack of savings or reserves, excessive debt obligations.  Make sure your hardship letter hits on these four reasons, and also be sure to include your loan number and then sign it.
4. Provide all of the required documentation, items like your paycheck stubs, bank statements, tax returns will all be required.  Be sure to submit everything Indymac is asking for in your loan mod application package.
5. Run your monthly budget through the loan modification
   

   Sample Budget-Automatically!

   software calculator to make certain that you are passing the 7 standard triggers for HAMP approval.  Is your monthly income high enough?  The calculator will show you automatically.  Are your expenses acceptable?  The software calculator immediately shows you just where you may need to make adjustments to you budget to pass the guidelines.

6. Finally, fine tune your monthly budget using the information from the loan modification software calculator and transpose that information onto the official RMA form for submission to Indymac for review.  Be confident that you have done everything you can to qualify for a HAMP loan modification.

Learn the fast way to get approved for Obama’s HAMP loan modification on your Indymac mortgage using the #1 resource for homeowners.  The Complete Loan Modification Guide kit and Loan

Download immediately!

Modification software calculator provides you with step by step directions, required forms, and the calculator automatically generates your very own sample monthly budget to help you prepare your forms correctly.  Visit MyLoanModificationCenter.com for more information and get started today!

Financially strapped homeowners may be able to get help under President Obama’s Home Affordable Plan.  Depending on your circumstances, you could be eligible for one of the three options offered and funded by the Treasury Department.  $75 billion dollars has been allocated to help stop the foreclosure crisis, and you may qualify for help under this loan modification program.  Learn the options and find out which one could benefit you.

Home Affordable plan option #1 is a refinance plan that gives borrowers the opportunity to take advantage of the current low interest rates by refinancing their current loan.  In order to qualify for this plan, you cannot be late on your mortgage payments and you cannot owe more than 105% of the homes current market value.  This part of the program only applies to your first trust deed, and if you have a second loan that lender must agree to the transaction.

Home Affordable plan option #2 is a loan modification program that will offer qualified homeowners

Federal Plan

interest rate reductions down to 2%, loan terms extended to 40 years and finally some principal deferral on their first trust deeds.  The goal is to reach a target payment that equals just 31% of your gross monthly income.  If you have a second loan on your home, the plan now mandates a modification to that loan as well with interest rates down to 1% or 2%, and in some cases the debt may be retired entirely.

The Treasury Department is paying the lender for each successful modification, and borrowers who are able to maintain the new modified payments will also be paid up to $6000 over the next 5 years.  If you do not qualify for the refinance plan because you are delinquent or you owe too much on your home, the Home Affordable Modification may be a good option for you.  Make sure you understand the approval criteria and prepare your application before calling your lender to apply.  This is a one-time chance and you want to make sure you know how to qualify so you don’t make a mistake.

Home Affordable option #3 is a short sale or deed in lieu of foreclosure.  This part of the plan is called HAFA for Home Affordable Foreclosure Alternative.  The federal government will now pay lenders $1000 for allowing a sale where the proceeds are less than the amount owed on the property.  This streamlined short sale process with help homeowners with an exit strategy that will not be so damaging to their credit.  The government will also share the cost of eliminating second liens on the property.  If the short sale does not work, the the homeowner can turn over the keys and transfer the home without a foreclosure process.  The borrower could then be eligible for  $1500 or more in relocation expenses.

All of these options have monetary incentives that encourage lenders to work with borrowers and find a solution quickly.  Even so, not all borrowers will qualify for these options.  If you are facing financial difficulty, find out more about the programs and how you could qualify for help.  You must invest some of your time and effort to learn and prepare before contacting your lender if you hope to be successful.  The government is encouraging homeowners to work directly with their lenders and discouraging loan modification companies who charge large fees to assist borrowers.  You can get help-if you know how to get it.  Start now to learn and prepare so you can get back on track.

You will be asked to prepare a HAMP application, which will include a hardship affidavit and financial statement.  Your monthly income and debts will be reviewed and based on a formula that is used to determine who qualifies, you will be told yes or no.  You can increase your chances of getting a loan modification by learning this formula and then using it yourself to prepare your own acceptable loan workout application.  If you are unsure about how to do this, take advantage of a software program designed just to help homeowners apply and qualify.

Download immediately!

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.

Financially strapped Citimortgage borrowers may be able to get loan modification help under President Obama’s Home Affordable Plan.  Depending on your circumstances, you could be eligible for one of the three options offered and funded by the Treasury Department.  $75 billion dollars has been allocated to help stop the foreclosure crisis, and you may qualify for help under this program.  Learn the options and find out which one could benefit you.

Citimortgage loan modification option#1:  Home Affordable plan is a refinance plan that gives borrowers the opportunity to take advantage of the current low interest rates by refinancing their current loan.  In order to qualify for this plan, you cannot be late on your mortgage payments and you cannot owe more than 125% of the homes current market value.  This part of the program only applies to your first trust deed, and if you have a second loan that lender must agree to the transaction.  This plan is called

Federal Plan

HARP for Home Affordable Refinance Plan.

Citimortgage loan modification option # 2:  HAMP is a loan modification program that will offer qualified homeowners interest rate reductions down to 2%, loan terms extended to 40 years and finally some principal deferral on their first trust deeds.  The goal is to reach a target payment that equals just 31% of your gross monthly income.  If you have a second loan on your home, the plan now mandates a modification to that loan as well with interest rates down to 1% or 2%, and in some cases the debt may be retired entirely.   This plan is called HAMP for Home Affordable Modification Plan.

The Treasury Department is paying the lender for each successful modification, and borrowers who are able to maintain the new modified payments will also be paid up to $5000 over the next 5 years.  If you do not qualify for the refinance plan because you are delinquent or you owe too much on your home, the Home Affordable Modification may be a good option for you.  Make sure you understand the approval criteria and prepare your application before calling your lender to apply.  This is a one-time chance and you want to make sure you know how to qualify so you don’t make a mistake.

Citimortgage Home Affordable option #3 is a short sale or deed in lieu of foreclosure.  The federal government will now pay lenders $1000 for allowing a sale where the proceeds are less than the amount owed on the property.  The government will also share the cost of eliminating second liens on the property.  If the short sale does not work, the the homeowner can turn over the keys and transfer the home without a foreclosure process.  The borrower could then be eligible for  $1500 in relocation expenses.  This program is called HAFA for Home Affordable Foreclosure Alternative.

All of these options have monetary incentives that encourage lenders to work with borrowers and find a solution quickly.  Even so, not all borrowers will qualify for these options.  If you are facing financial difficulty, find out more about the programs and how you could qualify for help.  You must invest some of your time and effort to learn and prepare before contacting Citimortgage if you hope to be successful.  There is a four step formula that all banks use to determine if a homeowners qualifies for a federal loan modification.  You can use this very same formula to prepare your financial statement so that you know you fit into the approval guidelines.

If you are confused about how to calculate your debt ratio, new target payment or exactly how to complete your financial statement correctly for your bank, then be sure that you take the time to learn the formula or use a software program that will do the necessary calculations for you automatically.  Now is not the time to take chances-prepare your application correctly and you will have a good chance of success.

The government is encouraging homeowners to work directly with their lenders and discouraging loan modification companies who charge large fees to assist borrowers.  You can get help-if you know how to get it.  Start now to learn and prepare so you can get back on track.  It’s not hard with the help of good resource material and a couple of hours of your time-it will be worth it!

Download immediately!

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.

Federal Plan

The Treasury Department is frustrated with the lender taking months and months to review HAMP loan modification applications while homeowners struggle to hold onto their homes. The dismal success rate for loan workouts using the federal program has meant that the vast majority of borrowers have not been helped using the government backed home rescue plan. This is going to change as Obama has now mandated timelines and revised approval processes that Indymac will be following.

Indymac Loan modification help under HAMP will now be determined within 30 days of receiving a homeowners complete application. Here is the basic timeline that the Fed announced needs to be implemented immediately:

• Written confirmation of receipt of loan modification request within 10 days
• Approval or denial for Indymac loan modification within 30 days of receipt of homeowners complete application
• 3 month Trial Modification given to qualified borrowers and at the end of the trial the modification will become permanent automatically.
• If denied a loan workout, homeowners will be offered another option such as short sale, deed in lieu or other exit strategy.

Finally good news for millions of homeowners who have been getting the run around from Indymac-sending and resending the same information over and over again, or being told they are approved one day and then the next week being told they do not qualify. This also means that homeowners will only have one chance to apply-so it is very important to prepare and accurate and acceptable loan modification application the first time.

Get the help you need to prepare your own accurate and acceptable Indymac loan modification application.

Download immediately!

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.

Frustrated with the long wait times, numerous requests for the same documents and getting the run around from your lender?  Well, the loan modification process is going to be getting a lot better real soon as the Fed has told banks to change their method of reviewing applications and stop all the delays.  This is good news for homeowners who are at the end of their rope and frustrated with their banks being unable to give them a straight answer.

The loan modification process has been painful up until now.  The statistics of finalized loan modifications are dismal, and the FED has put a stop to lenders offering trial modifications for homeowners who have not yet provided all of their documentation.  A big part of the failure to permanently modify loans has been that once the borrower provided all of their income documentation and financial statement, it was determined that they did not qualify after all.  The trial modification was canceled, and the borrower was blindsided with learning they would not be able to take advantage of Obama’s loan modification.

Know the 3 critical elements of a hardship letter

Now, lenders will have to follow a set timeline and loan modification process-hopefully to speed up the final outcome for stressed out and desperate homeowners.  Here is the new timeline for loan modification applications:

1. Banks must respond to loan modification applications within 10 days of receipt, acknowledging the request and asking for missing documentation
2. Once they receive the documentation, they must give an answer within 30 days-either yes or no.
3. If yes, then the homeowner will be put on a 3 month trial-if payments are made on time, the loan modification will become permanent AUTOMATICALLY.  No more reapplying or updating info.
4. If no, then the borrower will be offered some other option, like short sale or deed-in-lieu (foreclosure)

The good news is that the waiting time will be much shorter for homeowners to find out if they qualify for Obama’s loan modification-but that is also bad news for borrowers who do know how to prepare and submit an acceptable application.  Think about it-you only get one chance so you have to do it right the first time.

Obama’s loan modification process requires you to submit a financial statement that details your monthly income and expenses.  Based on the information you provide, your bank will decide if you fit into the federal guidelines for acceptance.  There is a standard formula that you need to meet-use this formula and you will have a good chance of approval.  Your debt ratio, disposable income and asset ratio are a few of these qualifications-do you know how to figure those out?  Don’t worry-you can use a software program that does all the calculations for you automatically.

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

Download immediately!

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.

Obama’s new loan modification plan was announced as a way to help homeowners who are unemployed or who have lost so much value in their homes that they do not have any other options to maintain homeownership.  Unemployment levels are at record highs and are causing many borrowers to become delinquent on their home loans for the first time.  These formerly good credit homeowners are faced with few options under the current loan modification plans, because they cannot prove enough income to meet the federal approval guidelines.

Obama’s new loan modification plan was announced as a way to help the hardest hit states provide some home retention alternatives for unemployed homeowners.  The states that will be able to offer this assistance are:

• California
• Arizona
• Michigan
• Florida
• Nevada

The details fo Obama’s loan modification plan have not yet been announced, but the guidelines will probably be close to the HAMP criteria.  In all likelihood it will be for primary residences only and homeowners will have to provide documentation about their unemployed status and also regarding their financial hardship situation.

Homeowners will have to provide a financial statement and hardship letter along the lines of Obama’s HAMP loan modification program.  It is critical to know how to prepare your paperwork correctly so you don’t miss out on this chance for government assistance.  Take the time to learn and be prepared before you contact your lender-it could be the difference between success and failure.

Do you need help to figure your debt ratio or disposable income?  What about how to determine your new target payment and new loan terms?  Don’t worry-you can save hours of time and frustration and avoid mistakes with the help of a software program that does all the calculations for you automatically.

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.

Federal Plan

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.

First of all, know what you are asking for on your loan modification forms.  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 or HAMP, 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.  It is important to know what your target payment is-you may need to adjust your budget so that your lender will see that after modification you will be able to afford to make that payment every month.  Sometimes just a couple of hundred dollars one way or the other can make or break your application.  You need to know this ahead of time when you are preparing your loan modification forms.  The Loan Mod Quick App software will calculate all of this for you automatically.

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.

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.  The Loan Mod Quick App software will show you immediately if you need to fine tune your budget, before your lender ever reviews you application.

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.

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 software and it calculates it all for you!  It couldn’t be easier!  Visit www.myloanmodificationcenter.com to get started today.