President Obama’s loan modification program plan, also known as the home affordability plan, is available for homeowners who can no longer afford their monthly mortgage and are facing the possibility of foreclosure. Learning how the loan modification process works and exactly what is required for this federal assistance program will put you ahead of the pack.
Would Obama’s 2% Loan Modification Plan on your home loan help you to be able to afford your mortgage? When a homeowner qualifies for this loan modification help, one of the first things done to reach an affordable monthly payment is to lower the interest rate of your existing loan to as low as 2%, as well as the possibility of extending your loan term to 40 years. In some instances where the home may have lost a large amount of its value, some of the principal balance may even be forgiven.
The loan modification guidelines have been streamlined with this program so that a qualified homeowner can get results as quickly as possible. The first step in this process is for you to gather up all of your financial information so that you’ll be capable of completing all of the required forms correctly. You are also going to need your paycheck stubs, bank statements, tax returns and a layout of your monthly bills and expenses. It is very important to be prepared before you decide to go about calling your lenders loss mitigation counselors since no one wants to sit on the phone while you sit there going through your files!
The loan modificationprocess under this brand new home affordability plan has typical approval guidelines which means that if you can meet these criteria, then you will have a great opportunity of getting your interest rate lowered to 2%. The trick to this is to know exactly what those standard guidelines are and then how to use that information to fine tune your own application.
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