Struggling homeowners facing default or the imminent risk of default may be eligible for an FHA-HUD sponsored loan modification program.  The plan is called Home Affordable Modification and is paid for with $ 75 billion in stimulus money.  It is only available for a limited time to homeowners who can meet the basic guidelines, so don’t wait to find out if you may be eligible to receive a lower mortgage payment.

The Home Affordable Modification Plan, or HAMP, is designed to offer an affordable and sustainable mortgage payment to those borrowers who are facing a financial hardship situation and are at risk of losing their homes.  This is accomplished by using standard procedures and methods of determine the new target payment.  Once you learn the standard guidelines and methods, you will be able to pre-qualify yourself and know if you need to make any adjustments to your application.  It is critical to do this work ahead of time if you want to have the best chance of approval.

All participating lenders have agreed in writing to use these standard methods when reviewing a borrowers loan modification application under the Home Affordable Modification Plan.  That makes it alot easier for a homeowner to work directly with their lender and be successful.  You do not need to have any experience or hire an attorney-this plan was specifically designed so that a borrower can do it themselves-for free.

You can learn the basic approval guidelines, follow the 4 steps to determine your target payment and debt ratio, and then prepare your own accurate and acceptable loan modification proposal.  Over 275,000 homeowners have already successfully received a loan workout under this plan, you can too! 

You can get the help you need 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.

Once you’ve found the home of your dreams, the next step is to shop for a mortgage loan. This video will help consumers use the good faith estimate (GFE), wh…
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