As soon as the distressed homeowners are gaining information on the economic stimulus plan of the present government, they are try to take the advantage of them. The borrowers are seeking for appropriate and suitable program that fits in their financial condition and circumstances.
Obama Obama Mortgage Relief PlanLoan Modification Eligibility Guidelines:
If you can answer yes to these questions then you may be allowed to apply for help:
Are you facing a financial hardship situation making your mortgage unaffordable?
Do you live in the home as your primary residence?
Was your loan taken out before January 1, 2009
Is your loan balance less than $729,750?
Does your current mortgage payment-including taxes, insurance and any HOA dues-equal MORE than 31% of your monthly gross income?
So, who can benefit from the Obama federal loan modification program? Well, the following are some points that will help you know if you are eligible.
1. Everyone who holds a mortgage that is in excess of 105% of the present value of the property they own can apply for the programs.
Many homeowners have been frustrated by the application process under the government loan modification plan due to a lack of response from their lenders. However, the program's application process has now been streamlined and it is critical that the initial paperwork be completed properly in order to speed up the approval. The federal government is now requiring participating lenders and servicers to respond to a request for loan workout within 30 days of receipt of a complete application package. The key to a fast and positive answer is to make certain that everything required has been prepared and submitted properly.
Susan Gregory is the author of two resource books for homeowners and real estate professionals, The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition. She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies. The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a software program that mimics the federal approval triggers for loan modification. An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications. Thousands of homeowners have been helped using these materials.
Obama Obama Mortgage Relief PlanLoan Modification Eligibility Guidelines:
If you can answer yes to these questions then you may be allowed to apply for help:
Are you facing a financial hardship situation making your mortgage unaffordable?
Do you live in the home as your primary residence?
Was your loan taken out before January 1, 2009
Is your loan balance less than $729,750?
Does your current mortgage payment-including taxes, insurance and any HOA dues-equal MORE than 31% of your monthly gross income?
So, who can benefit from the Obama federal loan modification program? Well, the following are some points that will help you know if you are eligible.
1. Everyone who holds a mortgage that is in excess of 105% of the present value of the property they own can apply for the programs.
Many homeowners have been frustrated by the application process under the government loan modification plan due to a lack of response from their lenders. However, the program's application process has now been streamlined and it is critical that the initial paperwork be completed properly in order to speed up the approval. The federal government is now requiring participating lenders and servicers to respond to a request for loan workout within 30 days of receipt of a complete application package. The key to a fast and positive answer is to make certain that everything required has been prepared and submitted properly.
Susan Gregory is the author of two resource books for homeowners and real estate professionals, The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition. She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies. The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a software program that mimics the federal approval triggers for loan modification. An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications. Thousands of homeowners have been helped using these materials.
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