Hummingbird Loans Modify Your Mortgage Payments - Obama Home Loan Modification Plan Can Offer Affordable Terms
A loan modification plan offered by Obama promises to help homeowners modify their mortgages into low, affordable payments. This plan is funded by $75 billion in stimulus funds and is designed to offer government subsidized assistance for those borrowers stuck in financial hardship situations and at risk of losing their home. Which homeowners are eligible for this relief?
Obama Loan Modification Eligibility Guidelines:
If you can answer yes to these questions then you may be allowed to apply for help:
- Are you facing a financial hardship situation making your mortgage unaffordable?
- Do you live in the home as your primary residence?
- Was your hummingbird loans bad credit direct lender taken out before January 1, 2009
- Is your hummingbird loans bad credit loans no credit check direct lender balance less than $729,750?
- Does your current mortgage payment-including taxes, insurance and any HOA dues-equal MORE than 31% of your monthly gross income?
Once these basic criteria are met, the homeowner will be required to prepare and submit an application to determine if they qualify for an Obama home loan modification. A part of the application is a detailed accounting of the monthly income and monthly expenses-this is called the financial statement. The government hummingbird loans bad credit loan direct lender workout plan uses a standard formula for determining who will qualify and the information on the financial statement will be used in this formula.
Homeowners who are not familiar with the government loan modification approval formula may be helped by using a software program that mimics the federal approval guidelines. The debt ratio, asset ratio, new target payment, disposable income and other critical factors are all calculated automatically by simply inputting the monthly income and expenses. Preparing and submitting an accurate and acceptable financial statement will help to ensure the best chance of approval.
Many homeowners have been frustrated by the application process under the government loan modification plan due to a lack of response from their lenders. However, the program's application process has now been streamlined and it is critical that the initial paperwork be completed properly in order to speed up the approval. The federal government is now requiring participating lenders and servicers to respond to a request for loan workout within 30 days of receipt of a complete application package. The key to a fast and positive answer is to make certain that everything required has been prepared and submitted properly.
Susan Gregory is the author of two resource books for homeowners and real estate professionals, The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition. She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies. The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a software program that mimics the federal approval triggers for loan modification. An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications. Thousands of homeowners have been helped using these materials.