Stressed out and at the end of the rope trying to find a way to avoid foreclosure or default on your home mortgage? There could be a solution for you-the Obama loan modification plan is designed to offer qualified homeowners a low, affordable mortgage payment. Since this program is paid for by the $75 billion stimulus plan, lenders are now modifying more loans than ever before. You could qualify for the program and save your home and finances. Learn the same, exact steps your bank will use to approve your application.
Obama's loan modification plan is designed for do it yourself application. The program makes it easy for the average homeowner to get quick results. You just need to learn the basic steps to prepare your own application correctly. Since the approval guidelines and modification terms are the same for everyone-there is no guess work. Make sure your loan modification forms fit into the standard guidelines and you are on your way to approval.
STEPS TO APPROVAL
The first step to qualify for Obama's loan modification plan is to find out if your current mortgage payment is greater than 31% of the households gross monthly income. This payment figure will include the cost of your monthly homeowners insurance, property taxes, any homeowners dues as well as the regular mortgage payment. If your current payment is greater than 31% of your gross income, then you have met the first step to approval.
The second step is to find your target payment-this is the new modified payment using Obama's loan modification plan guideline. The goal is to reach a new payment that equals just 31% of your gross income-again including all of the other monthly charges for taxes,insurance and homeowners dues. If your bank can use the standard terms of the plan to reach that target payment, then you fit the basic criteria. These terms include reducing your interest rate to as low as 2%, extending your loan term to 40 years, and deferring or forgiving some of your principal balance.
Once you submit your complete application your lender will review it for eligibility. Remember, the information you provide will be used to determine if you qualify for a lower mortgage payment. It is really up to you to be certain that you have completed your financial statement correctly and make sure that your figures prove to your bank that you are a good candidate for help.
There are a couple of more simple steps that you need to follow in order to really fine tune your loan modification application so that it has the best chance of approval. Your disposable income after paying all your bills must also fall into a certain guideline-you can use a software program designed just for homeowners to help your make adjustments to your budget. Follow all these simple steps and you will have a very good chance of success.
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