Help is available for qualified homeowners when they apply for the Obama Federal loan modification plan. This program is funded by $75 billion dollars and will offer hope and help to almost 5 million homeowners. How can you find out if you qualify for this loan workout plan? Here is some helpful information so you can get started today.
The Obama Federal loan modification program is designed to offer low, affordable mortgage payments to homeowners who meet the strict requirements for approval. If you understand how to meet those requirements, you will have a much better chance of getting the help you need quickly. The basics of plan call for:
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Mortgages that were initiated prior to January 1, 2009 and are less than $729,750 Primary residences only-no second homes or investment properties (these may be eligible for some other type of modification plan-ask your lender) Your current payment must equal more than 31% of your gross monthly income-including taxes, insurance and homeowners dues Second trust deeds are eligible as well
You do not have to be delinquent on your mortgage to apply, but you must pass an imminent risk of default calculation. The Obama loan modification plan is free to homeowners, you can work directly with your bank. The program will offer a reduction in your monthly payment so that it equals 31% of your gross monthly income, including taxes, insurance and homeowners dues. The new target payment will be determined by using several methods, as needed to reach the goal. These are:
First, the interest rate will be reduced to as low as 2%, if that is not enough, then Second, the loan term may be extended to 40 years, and if still more is required, some Principal balance may be deferred-interest and payment free until the home is sold or refinanced.
You can learn how to compute your own debt ratio to pre-qualify yourself for the Obama Federal loan modification plan. Once you know what is required to meet the target payment, you will be able to prepare your paperwork properly so that it will have the greatest chance of approval. If you are confused about how to calculate your debt ratio, target payment or other qualifying factors, you can use a software program designed just for homeowners. This simple to use program will help you prepare your own accurate and acceptable financial statement. Simply input your own income and expenses, and all the calculations are done for you automatically. You will see immediately if you need to make any adjustments to your budget to fit into the program. You can avoid mistakes and speed up your approval time.
Being prepared and understanding how to apply correctly could be the difference between approval and denial. Don't contact your bank until you have taken the time to learn more about this opportunity to save your home. This could be the second chance you need-our time and effort will be well worth it!
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