Loan modifications are available to eligible homeowners through President Obama's stimulus package. The Department of Treasury is funding a program aimed at stemming the foreclosure crisis in the United States. It attempts to provide a low, affordable monthly mortgage payment to allow the homeowner to remain in their homes. Under this program, your loan could be quickly modified and foreclosure avoided if you meet certain requirements and apply during the limited window of opportunity. Qualification is determined by the following criteria:
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1. This property must be where you live; your primary residence.
2. The mortgage must be dated on or prior to January 1, 2009.
3. The maximum loan amount cannot exceed $729,750.
4. The total of your payment, taxes, insurance, and homeowner's dues must total more than 31% of your gross monthly income.
5. You must be in a financially difficult situation.
6. The loan modification applies to both first and second loans.
7. You can still be current on your payments, but you must show documentation that you are in a financial condition that indicates probable default.
If you qualify according to these guidelines, there is a good possibility you could successfully obtain a loan modification plan to suit your needs. So, do not delay and apply as soon as possible. If you are facing foreclosure, you need to act very quickly.
· Notify your bank that you are requesting consideration for President Obama's loan modification program.
· In your initial conversation with your bank or lender, gather information and details about approval guidelines but do not volunteer your information yet.
· Correctly prepare your financial statements in a way that presents your information within the guidelines of the program. You only get one chance. Be sure it is done correctly.
· You will need documents to verify your information. Using a checklist, be sure you have these entirely prepared in advance.
· Now you are prepared to successfully apply for loan modification.
President Obama's Stimulus Plan could very well solve your own personal mortgage crisis. It could be a fast solution to avoiding foreclosure. Remember, you only have one chance to apply. Be sure you have properly prepared your information within the guidelines required. Be mindful also that the option for a federally funded loan modification is available for a limited time only.
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