Expert Foreclosure Help

How a Loan Modification Stops Foreclosure

If you have a foreclosure looming you need to find out if a loan modification is a solution to stay in your home. When you work with your lender to modify the terms of your loan so that you can afford the payments, a foreclosure can be avoided. The federal plan, Home Affordable modification, is available to qualified homeowners and features aggressive options that result in a low affordable payment. Could you qualify for help under this program? If the foreclosure clock is ticking, you need to find out about your options now. Here is some information to help you.

Even if you have applied previously or been turned down for a loan modification, you may be eligible for Obama’s plan. You are entitled to apply and must be considered for eligibility if your lender is participating. How do you find out if your bank offers this program? You can either visit their website or call the Loss Mitigation department. If you qualify, the foreclosure will be stopped and get to stay in your home with a new affordable payment. Here are the basic requirements for loan modification approval:

• You must live in the home as your primary residence
• Your loan must have been taken out prior to January 1, 2009
• The loan balance must be less than $729,750
• Your current house payment (including taxes, insurance and homeowners association dues) must equal more than 31% of your gross monthly income

If you can meet those requirements, you may be able to stop foreclosure with a loan modification. Your interest rate could be reduced to as low as 2%, and your missed payments could be included in the new loan. The first step is to contact your lender and ask to be considered for the Home Affordable Plan. Be sure that you are prepared to complete the application forms correctly and can provide the required documents to your lender so that your answer is not delayed. When you prepare a correct and complete loan modification application you are giving yourself the best chance of success. Facing the possibility of losing your home is frightening, but if you areserious about doing what it takes and investing some of your time and energy, you can learn how to get the second chance you need and deserve.

You can get the help you need to understand how to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to apply and qualify for the Obama federal program too. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. We help homeowners help themselves!

For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com