A new loan modification plan was announced by President Obama that seeks to offer help to over 7 million homeowners facing foreclosure. The loan modification program is funded by $75 billion dollars and seeks to offer a solution to the growing numbers of foreclosures across the nation. Find out if you might qualify for this plan-here are the basic guidelines:
The Homeowner Affordability and Stability Plan will be available to homeowners who:
Live in the home as their principal residence
Only for first mortgages, not available on second trust deeds
Can prove their income
Will be able to demonstrate a financial hardship
Are either delinquent now or will become delinquent in the near future
The new loan modification plan will seek to lower the mortgage payments of qualified borrowers so that they equal 31% of the gross monthly income. This will be accomplished by a combination of:
Reduced interest rates to as low as 2%
Longer loan terms to 40 years
Principal reductions-with the government and lenders sharing the loss
The new loan modification plan is not mandatory, but most lenders and servicers are expected to participate as the Federal Government is offering monetary incentives to those who offer loan modifications to their borrowers.
Interested homeowners need to gather certain income documentation and complete required forms so they can begin the do it yourself loan modification application process. Learn more about what will be needed to apply in The Complete Loan Modification Guide. This home edition loan modification handbook will provide you with a complete checklist of items needs, as well as all of the required loan modification forms and detailed directions on how to complete them properly.
You can get the help you need to understand the new loan modification program by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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.
Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
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modification program is funded by $75 billion dollars and seeks to offer a solution to the growing numbers of foreclosures across the nation. Find out if you might qualify for this plan-here are the basic guidelines:
application process. Learn more about what will be needed to apply in The Complete Loan Modification Guide. This home edition loan modification handbook will provide you with a complete checklist of items needs, as well as all of the required loan modification forms and detailed directions on how to complete them properly.
Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
