Obama’s Home Affordable Modification Plan – A Comprehensive Guide to Get Started

The best way to find a solution to any problem is to study all your options. If you are in danger of foreclosing your home, a sure option has been provided by the government. This option is called the Home Affordable Modification Plan (HAMP) or Obama’s Federal Loan Modification Program. The program is funded by $75 billion in stimulus money and is created to prevent American homeowners from losing their best investment – their homes. The plan is to give borrowers a cheaper and maintainable monthly payment on their mortgage, which will then help them steer clear of foreclosure.

Mandated by the federal government, the home affordable modification plan provides specific criteria for loan modification applicants. This basically means that once you can provide proof that you are eligible to be in the program, your chances of approval is highly likely. To be assured of getting into the loan modification plan, I have come up with an easy to understand guide that will see you through the process.

Home Affordable Modification Plan Checklist:

You CAN Apply for a Loan Modification if:

You are presently living in your house

Your loan began before January 1, 2009

Your current mortgage payment amounts to 31% of your basic monthly income (inclusive of the principal, interest, property taxes, homeowners insurance, homeowners dues)

You have a hardship letter or a document proving your financial hardship situation

How You Can Begin to Submit Your Application:

Call your lender and ask that you be considered into Obama’s Home Affordable Modification Plan

Accomplish an affidavit of hardship and write a hardship letter

Make a comprehensive compilation of your financial statements that indicates your household income and expenses

Fill out a Borrower’s Statement form

Be ready with documents that will prove your income in the form paychecks, tax returns, award letters, and other forms of income

Prepare your bank statements for two months

How You Can Qualify:

Compute your payment target using the program’s standards

Calculate your debt ratio in order for you to fit in with the approval eligibility and still be able to meet your target payment

Alter your financial statement and resources to indicate the right amount of income that you can use with the new target payment

Present a comprehensive and precise proposal package

The Obama Home Affordable Modification Plan is intended to help borrowers like you be qualified into the program and apply promptly to your own lenders. You should not have to apply to a third party company or a lawyer so that you no longer need to pay them any upfront fees. The program is a free service to borrowers and is primarily devised to assist you in modifying your loan. All you have to do is to know and be intelligently informed of the basic guidelines. Work on your application requirements and make the necessary changes.

Contact your lenders now and start the process for your Home Affordable Modification Plan NOW!

Need more help to qualify and apply for the federal HAMP loan medication? Get professional help by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is an easy to understand home edition loan modification package that offers a step by step process on everything you need to organize and prepare a professionalized loan modification application. To download, CLICK HERE! [http://www.obama-loanmodification.com/13/obama-loan-modification-plan/]Obama’s Federal HAMP Loan Modification Program.

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