Obama’s loan modification program is helping millions keep their homes

By admin, Gaea News Network
Wednesday, March 31, 2010

Homeowners who have been struggling with loss of income, increased expenses or some type of common financial hardship may be eligible for help with a government rescue plan that has already been paid for with $75 billion in stimulus funds. President Obama’s loan modification program plan, also known as the home affordability plan, is available for homeowners who can no longer afford their monthly mortgage and are facing the possibility of foreclosure. Learning how the loan modification process works and exactly what is required for this federal assistance program will put you ahead of the pack.

Would Obama’s 2% Loan Modification Plan on your home loan help you to be able to afford your mortgage? When a homeowner qualifies for this loan modification help, one of the first things done to reach an affordable monthly payment is to lower the interest rate of your existing loan to as low as 2%, as well as the possibility of extending your loan term to 40 years. In some instances where the home may have lost a large amount of its value, some of the principal balance may even be forgiven.

The loan modification guidelines have been streamlined with this program so that a qualified homeowner can get results as quickly as possible. The first step in this process is for you to gather up all of your financial information so that you’ll be capable of completing all of the required forms correctly. You are also going to need your paycheck stubs, bank statements, tax returns and a layout of your monthly bills and expenses. It is very important to be prepared before you decide to go about calling your lenders loss mitigation counselors since no one wants to sit on the phone while you sit there going through your files!

The loan modification process under this brand new home affordability plan has typical approval guidelines which means that if you can meet these criteria, then you will have a great opportunity of getting your interest rate lowered to 2%. The trick to this is to know exactly what those standard guidelines are and then how to use that information to fine tune your own application.

Refinanceitt.com is dedicated in helping valued customer to find right solutions for managing debt more effectively during these hard money crisis times. Offer fast and secure service with best competitive interest rates on the internet today, for your mortgage refinance, loan modification or car refinancing service. We have the experience and know how to help.

Discussion

alisha
June 1, 2010: 4:25 pm

I own and live in my home here in fort myers. I have been denied by the obama home loan modification b/c I have not provided a hardship. However heres the hardship I sent them and you judge. I was recently laid off so I have not been late on a payment yet. I was making 32,000 a year now I make 14,000 a year. I pay $18,624 a year just in mortgage payments don’t forget to leave out a $300.00 a month condo association fee. However I did not prove a hardship!?! They said based on credit scores mine is still good that I don’t qualify as well, however about 3 weeks ago they turned me down for a $500 credit card b/c of my horrible debt to income ratio. Huh?? I am not the only one this is effecting if you go to other sites on the web and talk to other locals this whole process is like pulling teeth. Right now I have been on hold with my bank waiting for a response for and hour, an hour seriously!!! I want to talk about this to the news so we all really know and there needs to be some place for the people to complain. The banks have been bailed out and payed large bonuses to its employees however we the people who pay the taxes to support their bail outs have to suffer. I’m confused they make money hand over fist. Theres many holes in the mr. fix it plan and their being swept under the carpet and I am tired of it.

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