“Home Affordable” Obama’s loan modification plan, is making it easier for homeowners to apply for their own do yourself loan modification. Lenders have standard approval criteria guidelines that are the same for everyone, ensuring fair practices. That being said, there is a little more involved than simply gathering some paperwork in a shoebox and giving it to your lender. To be successful you should commit to investing approximately 3 hours of your time to educate yourself on what you need to do to ensure your approval.

Even if you’ve been denied by your lender in the past, you can still apply for the loan modification plan. It is free to all homeowners. Completing the do it yourself loan application is a fairly simple process; you just need to spend some time familiarizing yourself with the forms, calculations and charts. You do not need to be a rocket scientist – the application has been designed to be simple and straight forward.

Would you like to:

• lower your interest rate – perhaps as low as 2%
• stretch out your amortization period to 40 years
• lower your mortgage payment and have a debt ratio of only 31%

With some time and effort on your part, you could receive all of these benefits with your loan modification.

Do not be alarmed.  A few hours of your time is all that’s needed to educate yourself about a do it yourself loan modification. The information is basic and you do not need to worry about paying anyone thousands of dollars to do this for you. Just follow the step by step instructions and make sure that your application meets the approval guidelines set by your lender.

There are many companies and attorneys out there that promise to do the work for you and get results, but don’t be intimidated. The new programs that are available make it easier than ever for you to do it yourself. Take control, be prepared and take action. It’s time to get back in the driver’s seat of your financial future.

If you don’t know where to begin and need help starting, there is help. If you’d like to apply for the do it yourself loan modification, you can order The Complete Loan Modification Guide. For a small fee, this loan modification kit will guide you step by step and provide you with the necessary forms, calculations, charts and will show you exactly how to put it all together in a professional package to submit to your lender. Start today!

What the Obama loan modification guidelines offer is a lifeline for millions of borrowers who are mired in home loans that are becoming unmanageable or for those who are about to lose their homes.  What the plan intends to accomplish is an alternative to foreclosure if the homeowner qualifies for the program. To help this along lenders will be given financial incentives to present the plan to qualified homeowners. In order to meet the criteria for help each loan modification application will go through an examination process and relief will be forthcoming based on each individual case. The first step is to find out how the new loan modification plan functions.

Here are the 10 most-asked questions regarding Obama’s loan modification guidelines:

#1:  Do I have to be in arrears on my mortgage payment in order to qualify for a loan modification application?

-          No. Preventing foreclosure and keeping people in their homes during their financial struggle is a primary aim of the new loan modification plan. In fact both lenders and servicers receive a better compensation for restructuring loans well before they become delinquent.

#2:  What do I do to find out if my loan is eligible for a loan modification application?

- If your loan was entered into before January 1, 2009 and the amount was less than $729,750 there is a good chance that it will be under the guidelines of the Obama loan modification plan. If it is an apartment-style building with 2-4 unit properties the peak amount is higher.

#3:  If I own duplex and reside in the building in another unit will I be eligible to make a loan modification application?

- Yes. If the residence is your principal dwelling then you can apply. However, investment properties, additional homes or vacation properties are excluded from the program.

#4:  I can’t afford to make my present mortgage so what is the lowest I will pay with the new loan modification plan?

-  This depends on your monthly gross income. The aim of the new loan modification plan is to lower the monthly payment with all the extra charges – taxes, insurance and homeowner dues – so that they equal 31% of the total monthly income of the home. So if the payment is 29% you would not qualify for a lower payment but it were 34% you would.

#5:  Are second mortgages included in the new loan modification plan?

- No. First trust deeds are only eligible. However this is where your lender might help with a plan to deal with your second mortgage by either lowering it or completely eliminating the debt. In fact the Treasury Department is offering bonuses for those institutions that will help in these cases.

#6:  Will my lender be required to offer me a loan modification plan?

- Not completely. The program is completely voluntary on their part. However, because of the generous rewards put forward by the Treasury Department most lenders and servicers are expected to participate. However, for those homeowners who are 60 days or more behind in their payments the lenders are required to re-evaluate your situation to see if you will qualify.

#7:  To get to the 31% debt ratio how will my lender adjust the payments?

-          To start off, the interest rate will be lowered as far down as 2%. The, if the debt ratio is still outside the parameters, the mortgage term will be extended as much as 40 years. If the numbers still don’t come out in your favor then they may defer a portion of the principal. This could be interest free to you and recouped by the lender if the home is sold.

#8:  How do I find out which are participating lenders for the new loan modification plan?

- Simply call your lender or servicer or you can visit the government website that deals with the Obama loan modification plan.

#9:  What are the document requirements for application to the Obama loan modification plan?

The financial paper trail will go a long way in the approval process for the new loan modification plan. The documents should be in order and properly written:

-          A declaration of income and expenses

-          A document outlining your financial condition

-          Paycheck stubs

-          W2

-          Tax return.

#10:  What does the loan modification application cost?

- Unlike the usual banking fees this is a free application.  However there are scam-artists around so the Treasury Department is advising homeowners against paying fees to anyone.

These are the highlights of the new loan modification plan however homeowners are encouraged to take the initiative and find out they can about the Obama loan modification program as the information is crucial to a successful outcome. As the days go by lenders will be flooded with applications. So in order to get in on the Obama loan modification plan you should act quickly to get the lowered payments.

If saving your home is the primary goal in your life right now you should get as much information on the proper application for the new loan modification plan process as possible. To get your leg up on the Obama loan modification plan order and download The Complete Loan Modification Guide. This low cost, easy-to-follow set of instructions has everything you need to put forward a complete and professional loan modification application.

Here’s what’s included:

-          How to calculate the 31% debt ratio

-          How to complete financial statements like a professional

-          How to write a great personal, financial hardship letter

-          How to gather the components and submit the application.ow to complieHo

Don’t delay. Get on the bandwagon of the Obama loan modification program with your own set of guidelines. Order and download The Complete Loan Modification Guide today.