Obama's Loan Modification Plan

Here are some general customary criteria for basic eligibility for this program:

1. The home must be owner occupied

2. Second mortgages do not qualify

3. Provide proof of your income

4. Your current mortgage payment must be 31% or more of your gross monthly income

As many as 6 million families are projected to experience foreclosure in the next couple of years.

The bleak and fast paced recession in the economy and in the housing market has brought forth unfavorable outcomes for homeowners throughout the the United States . Millions of steadfast families who meet their monthly mortgage payments on schedule have helplessly witnessed major declines in the value of their property and therefore are now incapable to refinance to lower mortgage rates. Meanwhile, millions of workers in the United States are having difficulty staying current on their mortgage payments after suddenly finding themselves unemployed or working less. In the last 14 months alone five million plus jobs have been eradicated and millions of hard working families are now allocating more than 40 or 50 percent of their income towards their monthly mortgage payment.

How To Modify A Loan
When a loan modification application is turned in by a homeowner, it is scrupilously evaluated to judge the profitability to the investor or the probability of loss. The "Net Present Value Test" is used to decide what will bring more cash flow to the investor-Foreclosure or Modification. Their decision is not based on what's best for the homeowner. It is completely based on what is more financially rewarding to the investor. If modification is not in the best interest of the investor, they will not accept your application.

As such, homeowners are able to get legal assistance.
For more information regarding Home Loan Modification, contact a qualified Loan Modification Attorney such as Janian and Associates at 877-369-4529 or visit: www.JanianAndAssociates.com