Home loan modification with Obama s stimulus plan President Barack Obama is well aware of the current economic difficulties facing millions of homeowners. Home prices have plummeted, and the speedily increasing amount of foreclosures worsens the situation by Lowe ring surrounding home prices up to 9%. Many homeowners now have a mortgage that is worth more than their homes market value. In response to these issues, President Barack Obama of enacted is “Making Home Affordable” plan which is a housing and homeowner mortgage refinance or modification stimulus plan. The Treasury Department has put into operation a loan workout program intended to help millions of homeowners avoid foreclosure with a low, affordable loan payment. So if you are looking for a home refinance loan or a modification, try Obama’s stimulus plan. President Obama’s mortgage loan modification plan offers homeowners with manageable payment terms so they can stay in their homes.
Under this program, you can modify mortgage foreclosure fast and avoid applying and meeting certain approval guidelines, which are: the house must be your primary residence the loan should have been taken out January 1, 2009 or before current loan balance is $729,750 or less mortgage payment should equal or be more than 31% of your large monthly income-including taxes, insurance and homeowners dues you must be facing a financial adversity applies to both first and second loans in order to qualify, you not have to be delinquent, but must prove imminent risk of default if you meet the above conditions, then you can go ahead with the application procedure with your lender. Here are some tips that can help you get a fast mortgage loan modification. Get in touch with your bank and ask to be considered for Obama’s mortgage loan modification plan only give your bank your financial information when you’ve completely understood the guidelines for approval make sure your financial statement and other application forms are correct so that you prove that you meet the guidelines make sure you have all the required documents in order after all of the above, you are now ready to submit your mortgage loan modification application and have the best chance of approval A mortgage loan modification could be the perfect solution to your need to change mortgage loan terms, modify your mortgage fast and avoid foreclosure. So make sure you take the correct steps and you will soon be on your way out of all financial troubles. Check if you qualify!