Obama Loan Modification Requirements

The Obama Loan Modification plan was created
to help you stop Foreclosure.

This is what the plan proposes:

1. It is available for owner occupied primary
   residence not exceeding $729,750 principle
   balance.
2. To be eligible you have to be undergoing a
   significant financial hardship that prevents
   you from making your mortgage payment.
   This will have to be verifiable.
3. Your modified payment will not exceed 31% of
   your gross monthly income.
4. To reduce your payment your lender may drop
   your interest rate, extend the term of your
   mortgage form 30 years to 40 or 50 years or both.
5. The plan is only for homeowners in hardship,
   not for properties that are just "Upside down" in value.
6. Second mortgages or lines of credit are
   suggested to be eliminated.

The Obama administration will offer cash incentives to
the participating lenders. They will receive $1000 per
modified file and $1000 a year as long as the borrower
stays in the plan and keeps paying.

Unlike you, your lender has no emotional
attachment to your home.

The bottom line is your lender has to be convinced
they will save money by performing a Loan Modification.

As you can see help is there but it is up to your
lender to choose if they want to participate.

Your lender will keep you in a bad loan as long as possible if you are
mating your payments. There are programs that you may qualify for
even if you are current with your mortgage payments.

This is when you need the help of an experienced
Foreclosure Consultant. They will be able to tell you ahead of time if
you qualify and also they will be able to negotiate the best possible terms for you.

Working with your lender is a big hassle. Most files that are
submitted by homeowners on their own are denied.
It can be because of something as simple as a missing document.
Your financial information has to be presented according to your
lenders guidelines.

I have been in your situation and I know what you are facing.
Call me, I will help you through this difficult time.

Return from Obama Loan Modification to home