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Are you like millions of Americans struggling with late mortgage payments or the threat of foreclosure? President Obama’s Home Stimulus Plan may have a program that will save your home and stop that foreclosure. Let’s take a look at how you can qualify for a loan modification.
The Home Mortgage Modification program will lower your mortgage payment, decrease your interest rate, and make it possible for you to remain in your home. You can stop that foreclosure fast by meeting the following criteria.
1. The mortgage has to be on your primary residence.
2. Mortgage originated on or before January 1, 2009
3. The balance on your current loan is less than $729.500.
4. Your mortgage payment is more than 31% of your monthly gross income. (this includes taxes, insurance and homeowner dues.)
5. You are currently or about to be facing a financial hardship.
6. Can apply to first and second mortgages.
7. You can be delinquent on your payments, or you can prove that you will be delinquent soon due to financial situations beyond your control.
If you meet the above criteria, you may qualify for a home loan modification. You must act fast, especially if you are currently facing foreclosure. Below you will find a list of steps to get things moving quickly towards your own mortgage loan modification.
– Talk to your lender about qualifying for Obama’s home loan modification program.
– Research the guidelines for approval before giving your financial information to your lender
– When preparing your financial statement and application forms, be sure you have filled them out completely and correctly. Once submitted to your lender, you will not be able to change any of the information on your financials.
Create a checklist that ensures that you have every document needed prior to contacting your lender.
After you have everything prepared accurately, you are now ready to contact your lender and have the best possible chance of getting approved for a home loan modification.
There are very consistent guidelines set forth for lenders regarding any of Obama’s home stimulus loan modification programs. There are even payments from the Treasury as incentive to the lenders. The guidelines require lenders to base your monthly loan payment on your current financial situation. Lenders also must contact homeowners that are not currently behind but who are potentially at risk of falling behind. The government has asked lenders to stop foreclosure sales while reviewing current applications, although this is not mandated.
Preparation, research and determination are the keys to successfully applying for a home loan mortgage modification. Remember you are only allowed to apply for Obama’s home stimulus packages once, so do it right the first time and stop that foreclosure, save your home!
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Source by James A. Kennedy