Top 10 Questions
Obama’s Loan Modification Program – Top 10 Questions
With President Barack Obama’s loan modification program, the Homeowner Affordability and Stability Plan over 7 million homeowners facing foreclosure will be helped. This $75 billion dollar program provides financial incentives to lenders and borrowers to modify their loans and save millions of families homes. There are many questions that we come across daily and have provided you here with the 10 most frequently asked questions.
.jpg "loan modification (1).jpg")
.jpg "loan modification (4).jpg")
.jpg "loan modification (7).jpg")
.jpg "loan modification (8).jpg")
1. What if I am already facing foreclosure?
If you are already facing foreclosure a loan modification is a great way to stop the foreclosure process. Obama’s loan modification program provides incentives for people in the foreclosure process and those not in it to modify their loans. Every application is reviewed by the lender individually and must meet certain guidelines.
2. How much does a loan modification cost?
A loan modification is free! Many 3rd party companies charge fees in excess of $1500-$3000 and most of them are scams. Your best approach to getting a loan modification is to get educated, purchase an inexpensive do it yourself loan modification kit and apply yourself.
3. I have already applied for a loan modification can I still get a piece of the $75 billion?
Since there is financial incentives in the program for both the lender and the borrower, your lender will be more than willing to consider you under Obama’s loan modification program as long as you meet its guidelines and they are participating in it.
4. What do I have to provide my lender to determine if I qualify for Obama’s loan modification program?
If you have answered yes to the 5 questions on the home page then there is a good chance you will qualify. Your lender will require you to provide paycheck stubs, tax returns, complete income/expense forms and a financial hardship letter. Again, the loan modification kit could prove usefull with its sample financial statements and hardship letter templates. You can also get the free hardship letter template available on here at www.obama-loanmodification.com.
5. What if I am not delinquent on my mortgage?
With Obama’s loan modification plan you do not need to be behind on your mortgage to qualify. However, it is critical that you demonstrate that due to a financial hardship you will not be able to continue making your payments and that it is in the lender and your best interest to receive a modification.
6. Who will qualify for The Homeowner Affordability and Stability Plan loan modification?
There are 5 basic questions that you need to answer yes to, to determine if you qualify:
1. Do you live in the home?
2. Is your current loan amount within the Fannie Mae conforming limits ($625,500 in high cost areas and for other areas it is $417,000)
3. Are your current house payments more than 31% of your gross income?(Loan modification kits can help with all financial calculation your lender may want to see)
4. Are you must be able to prove you have current income?
5. Do you currently have a job?
7. Is my lender required to modify my loan?
No, with the loan modification program participation by companies is optional. However, many of the large companies have agreed to participate since there are financial incentives for both the lender and the borrower.
8. What if my house is worth less than I owe, can I still get help?
In Obamas loan modification plan there are provisions that can reduce the principal balance. This decision will be up to the discretion of the lender, however there is hope that you will be able to reduce your mortgage.
9. What if my loan is owned or serviced by Fannie Mae or Freddie Mac?
Freddie and Fannie are both participating the Homeowner Affordability and Stability plan and if you meet their requirements then you will likely be eligible for a loan modification.
10. Where do I apply for a loan modification under the Homeowner Affordability and Stability Plan?
You can apply at your lender. The first step in the process is gathering the required information that they will be looking for, writing a hardship letter and then contacting them to establish a relationship and begin the process of getting your loan modified.
Many more questions have been asked and answered in the best resource we have found for doing the loan modification yourself, the Complete Loan Modification kit provides all the resources necessary to successfully receive a loan modification under President Obama’s loan modification program.
- NOW 100% Completely FREE -
GOOD NEWS for homeowners facing foreclosure: AT LAST! a complete Loan Modification Kit which provides insider tips and easy instructions on how to stop the foreclosure process and SAVE YOUR FAMILY'S HOME"
For a limited time we are making this top selling complete loan modification kit completely free!
I received a loan modification through Countrywide. Instead of lowering my interest rate, the offered me a plan where my monthly payments apply only toward the interest owed on the loan. When I disagreed with their offer, they told me to take it or leave it. They also told me that if I did not sign and return the new contract by a specific deadline, I would lose my house. Can financial institutions do this to people? The government has set aside funding to pay banks for loan modifications, if my payments are only going toward my high interest rate, I am funding my loan modification as well. I need to lower my interest rate of 9.350%. What should I do?
stop home foreclosure…
U. S. home prices were down 18. 1% in the year ended April, according to the national Case- Shiller home price index released Tuesday. On a month- to- month basis, prices in 20 selected cities fell 0. 6% in April, with declines in 11 cities. Still, the…
I have been trying to modify for 1 year. I am currently 15 months behind. No Notice of Default has been filed yet. My current Loan Balance is $463,000 my current rate is 8.75% adajustable. I am $53,000 in arrears. My current value is 300,000. My monthly gross income is $5,600 and my P and I payment is $3,427.17 this does not include my taxes and insurance. do I qualify for the HAMP Program through my servicer? How would I calculate the NPV Test?.
Please help me understand.
I received a trial period payment and have continued to make payments. The payments were semi affordable. Now the modification contract is here and the company has increased the payments to what they were before when the hardship began and has tacked on 50,000 more of interest and loan adjustments from past loan agreement, eventhough they have wiped out the last agreement and given me a brand new loan that will not change in five years,but if i agree will be for the duration of loan. why do i have to pay 50 grand in past adjustments and interest on a brand new loan? Obamas plan has secured the banks with bailout money. Why are we still paying the mtge co when they have been paid already. Shouldnt the loan be what the market says it is worth at present?
[...] learn more about Obama’s Federal Loan Modification Program Program you can visit: [...]
If you have tried everything and the loan company has messed up your first try on modificationa and then you don’t qualify for the Presidents modification, what else can you do.I have been working on this since 2009. Finished all my modified payments they put me on but then due to their Processor telling me to mail in the new paperwork in the envelope she sent instead of faxing, I got cancelled out of that one and have tried to start over on the govenrment one and don’t qualify. All the modified payments I made now had put me farther behind and they have served me with lawyer papers on foreclosure.
By typing in the cell phone number, like the area code, and pushing the particular search key, Reverse lookup provides you with all of corresponding addresses close to the cell phone number.
[...] President Barack Obama’s loan modification program, the Homeowner Affordability and Stability Plan over 7 million homeowners [...]