How to get help to apply for Obama’s federal loan modification plan but are you qualified for this loan modification plan? To help you find out if you are here is some valuable information. Coming to the rescue of millions of homeowners the Obama federal loan modification program, which put into place to provide lower mortgage payments to homeowners who can qualify for approval. The key is to understand how the approval process works and how you can learn to meet the strict requirements. In this way you will have a better chance in the approval process. The main qualifiers are: Loans processed before January 1, 2009.
loans that are less than $729,750 (with the exception of 2 to 4 unit buildings) sole residences and no second homes, vacation properties or large revenue properties. Payment got come to more than 31% of the large monthly income of the household. This includes taxes, insurance, and any home association dues. In addition, for completing a loan modification application the borrower does not have to be delinquent on the mortgage for a successful application. In addition the Obama loan modification plan is absolutely free to homeowners and they should’nt be wary of third parties that want fees. In a nutshell the program, provide a want a reduction in the payments.
This means that the monthly installment will be equal to or less than 31% of the large monthly income of the household including taxes, insurance and homeowner association dues. To reach the appropriate numbers there is a calculation process: number 1: reduction of the loan interest rate to as low as 2%. If the numbers are still too high then: number 2: extension of the loan to up to 40 years per. If this still is not enough then: number 3: interest deferment and principal forbearing until the home is either sold or refinanced at a future date. The federal plan allows for a how-to loan modification. In other words, to pre qualify for the Obama federal loan modification plan you can learn how to calculate your debt ratio your Elf. The key is to know the requirements for qualifying for the plan. And the best chance to get approval begins with the knowledge of how to prepare the proper paperwork. It begins with sound preparation and a good understanding how to apply. This could very well be the difference between getting approved or turned down. Even if you have been turned down before by your lender you can apply under the Obama loan modification plan but you have to know the process thoroughly. So before you contact your lender with a loan modification application package learn as much as you can about how you can save your home. To find out more about qualifying for the Obama federal loan modification plan or other such lender programs, start by ordering and downloading the complete loan modification Guide. A concise, low cost set of directions, this set of guidelines gives a how-to loan modification process that will allow you to present a very professional loan modification application that wants to rise above the pack. Check if you qualify: For this making home affordable plan for struggling homeowners