Wondering how you can get part of the $75 billion stimulus plan aimed at helping financially strapped homeowners? Do you know the loan modification process using Obama's program-how to apply and qualify for a lower mortgage payment? Here is some information on what you need to do in order to have a good shot at getting the help you need and deserve.
Once you understand the loan modification process under Obama's stimulus plan you will be much more likely to complete your application paperwork correctly and therefore increase your chances of success. The trick is to work on your forms ahead of time-this is critical as you will be able to make any necessary adjustments and fine tune your figures before your bank sees them. If you just quickly slap something together and send it in, you are taking a big chance and running the risk of being declined. Do you know that even a minor adjustment to your budget could mean the difference between approval and denial?
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Here is what you can do to move through the loan modification process much more quickly and get the results you want:First, learn your banks loan modification programs, what their approval guidelines are and what they need to see from you in order to give you a loan workout. How can you expect to qualify for something unless you know what the approval guidelines are? A few hours of preparation can make the difference. Learn how to calculate your debt ratio so that you can determine your target payment. Your target payment is your goal-this is what you can afford to pay and this is the payment that is acceptable to the bank. Then adjust your financial statements so that you clearly show your bank that you will be able to pay and maintain this new payment. Need help calculating your debt ratio? Use a home edition handbook and worksheets to walk you through the steps. Write a short but descriptive letter that explains why you are facing this financial hardship situation. Be sure to include some details about what happened, when it happened and what you have done to try to fix it. Maybe you got laid off, or you have high medical expenses. It is also a good idea to provide proof of your hardship-make copies of your lay off notice or some of the medical bills. Be sure to cover the 3 critical elements of an effective hardship letter-this is easy to do if you follow a simple outline. Compile all of the required loan modification forms, proof of income, bank statements, etc. that is required for your lender to review and approve your application. Do not send in a incomplete file, that will just delay your answer. You can follow a helpful Document Checklist and Submission Sheet to make sure you have provided everything required.
Did you know that over 150,000 homeowners have already gotten through the loan modification process in the last few months and now have an affordable mortgage payment? If they did it, so can you! Now is not the time to take chances-your home is too important-make the commitment to learn, prepare and then submit your application correctly for the best results.
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