Obama's Homeowner Affordability and Stability Plan - How to Qualify

The first step in ensuring you receive a benefit from the $75 billion bailout is to determine if you are eligible. These are not hard and fast rules for Obama's Homeowner Affordability and Stability Plan loan modification, even if you don't meet the guidelines below there is still reason to pursue a loan modification.

1. The home must be your primary residence.

2. Your current loan amount must be within the Fannie Mae conforming limits ($625,500 in high cost areas and for other areas it is $417,000)

3. Your current house payments must be more than 31% of your gross income (A complete loan modification kit will help you with this)

4. You must be able to prove you have current income.

5. If you are currently unemployed you will not qualify.

6. Typically you need to be behind on your mortgage to get a loan modification, however with this plan you may qualify to get your rate reduced to 4.5% fixed. Therefore even if you are current on your mortgage you should consider pursuing a Loan Modification

Time is of the essence with the new plan, millions of Americans will be vying for their piece of the bailout. It is suggested that the people who apply early will have a better chance of receiving timely service and ultimately a better chance at saving their home.
Many mortgage lenders will contact you if you meet their eligibility criteria, but there is no guarantee that they will. If you do manage to get through to your lender it is critical that you have all your documentation prepared so that they can process you modification quickly.

INSIDER TIP:
The federal government has provided financial incentives to lending institions for every loan they modify, therefore the easiest way to ensure you get yours modified is to make your lenders job as simple as possible. How do you do that? By ensuring that all the forms, financial statements and supporting documentation is properly prepared. This Complete Loan Modification Kit will supply you with all the forms, templates, checklists and instructions you need to get your loan modified.

Now is the time for people to get a head start on the masses and complete the required documents. Loan modification is free and is now more than ever the most effective method at stopping the foreclosure process. The benefits of a loan modification as a result of the Homeowner Affordability and Stability Plan could be any or all of the below:

1. Lower interest rates and monthly payments

2. Reduction in the principal balance

3. Convert your ARM to a fixed rate

4. Late fees can be dismissed

5. Most Importantly: Stop The Foreclosure Process and save you home

To learn more about the loan modification process and receive all the documents you will need to communicate successfully with your lender, please visit http://www.foreclosuresmedic.com