Qualify for Loan Modification under Obama’s Homeowners Affordability and Stability Plan

President Barack Obama has passed Homeowner Affordability and Stability Plan into loan on March 2009. The White House also release How to get loan modification and who will qualify under this new plan. The Below steps show what you need to do to protect your home and family from foreclosure.

See If You Qualify for Obama’s $75 Billion Bailout?

1. Just primary residences are entitled - in other words, owner engaged homes - range in size from one - four units per assets.
2. Is your current loan amount within the Fannie Mae conforming limits ($625,500 in high cost areas and for other areas it is $417,000)
3. Find out whether borrowers monthly mortgage payment ratio goes above 31% take gross monthly earnings divided by existing mortgage payment which includes interest, principal, homeowners insurance, property taxes, and any homeowners outstanding payments or second loan payments.
4. Are you must be able to prove you have current income?
5. Do you currently have a job?

To qualify for a loan modification under the terms in the Homeowner Affordability and Stability Plan, You have to pass out the above five requirement.

Approval for a Loan Modification

Millions of American’s trying to get a piece of the bailout. You have to become quicker because sooner you act the better your chances are of getting a loan modification. For Quickly process you have your all documentation when you do search your lender.

In 2nd step set up all require documentation by your lender then contact them. The whole Loan Modification Kit has every document templates, forms and checklists your lender may request. With the Homeowner Affordability and Stability Plan if your loan qualifies there is a good chance that the lender will contact you. Be certain that the person claiming to be your lender truly is! But there is no guarantee your lender will contact you, therefore it is in your best interest to be proactive and contact them.

Qualify for mortgage loan modification and prevent foreclosure now!

One of the largest differences in the loan modification process that the Homeowner Affordability and Stability Plan will have is the fact that to receive a loan modification you do not need to be behind on your mortgage payment. Now if your ARM has been reset to a high rate and you answered yes to the questions in step 1 you can likely get your rate reduced to 4.5% fixed.

It is important to understand that with Obama's Homeowner Affordability and Stability Plan lenders have a financial incentive, and they love money, to process as many loan modifications as possible. Therefore it is essential that if you want your lender to consider your case a high priority for them, you need to make it easy for them to process your application fast. Nothing will get your case dropped to the bottom of the pile faster than taking up an hr of your lenders time with questions you can learn quickly online. The Complete Loan Modification Kit provides a clear overview of the loan modification process.

Getting Benefits of Saving Your Family's Home

Thanks to the Homeowner Affordability and Stability Plan there has never been a better time to pursue a loan modification. But with this opportunity there is also the downside that your lender will not have the time or patience to walk you through the process, to get approved quickly for a loan modification you will need to prepare all documentation before you begin the process of speaking with your lender.