Facing foreclosure and not sure where to turn for help? You may qualify for a loan modification under Obama's federal plan called Home Affordable Modification. The program is designed to help borrowers avoid foreclosure and stay in their homes. It is designed to help 4 to 5 million borrowers and features some very aggressive options to help homeowners get an affordable mortgage payment.
If you are facing foreclosure, time is of the essence. Do not wait-you need to get started right now. The first step is to find out if you may be a good candidate for a loan modification. Here are the general guidelines that will help you determine if you may qualify:
Facing a financial hardship situation due to circumstances out of your control-this may be due to loss of job or income, medical or illness, divorce or separation, military service, adjustable rate loan, etc. You are able to prove your income Your current payment is more than 31% of your gross monthly income, including taxes and insurance and homeowners dues Your loan was taken out before January 1, 2009 Loan amount is $729,750 or less
If you can answer yes to those items, then you need to find out how to apply and qualify for a loan modification to stop foreclosure. You will be asked to complete some paperwork-this includes a detailed accounting of your income and expenses each month. This is how the bank can determine if you can afford to pay the new modified payment. It is critical that you understand how to complete these forms properly. Take the time beforehand to fine tune your application so you have the best chance of getting approved.
You will need to fine tune your financial statement so that you will be able to prove in black and white that you meet the federal guidelines for the Home Affordable Modification Plan. All participating lenders use the same federal formula to decide who qualifies-that is good news because you can use this very same formula when you prepare your own loan modification financial statement. You can save hours of frustration and confusion by taking advantage of a software program designed specifically to mimic the 7 triggers for HAMP approval. Simply input your own income and expenses, and the Loan Mod Quick App calculates your debt ratio, target payment, new interest rate, disposable income and asset ratio. You can feel confident that your figures are correct and increase your chances of approval.
A loan modification could be the second chance you need to avoid foreclosure. Take just a couple hours now to learn and prepare, before contacting your bank to apply. You should not call your lender until you know what you are talking about-stumbling about on the phone and giving the wrong information could hurt your chance of approval. This is not the time to simply take a shot-make sure you are serious about saving your home and invest your time and effort so you can get the help you need.
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