There is so much information and misinformation out there about Obama's loan modification plan. Homeowners are confused and that is too bad because we finally have a plan that has standard guidelines and standard terms. This should mean that it is easier to understand and apply for a loan workout. It also should mean that more homeowners are getting help-but is that really happening?

Before you even contact your lender about applying for Obama's home loan modification make sure you know what you should be asking for. Otherwise, how do you know if you are getting the best loan terms and really receiving the benefit of the bailout plan? Let's face it-banks do what is best for them-not what is best for the homeowner. It is up to you to make sure you are knowledgeable and prepared before you apply for help.

Qualify for mortgage loan modification and prevent foreclosure now!

Obama's loan modification plan has one goal-provide you with an affordable payment and prevent foreclosure. That goal can only be accomplished is you can prove that you meet the standard guidelines outlined by the Treasury Department. So, it just makes sense to learn these guidelines and then make sure you do everything you can to present your case so that you have a good chance of approval. It's not hard to learn the same 4 step formula the feds have designed to qualify borrowers.

If you can complete your Obama mortgage loan modification application using the 4 step formula, then you will know ahead of time if you fit the guidelines. If you don't, then you can try to make whatever adjustments are necessary to your budget to increase your chances. Let's face it-this is too important to leave to luck or chance. Plus, you can take control of your application by spending just a couple of hours learning and preparing. Call me crazy, but your home is certainly worth spending a couple of hours so that you have the best chance of getting the help you need.

Remember, the Obama loan modification is funded with $75 billion of your tax dollars-so don't hesitate to find out if you are eligible. Only a little over $1 billion has been used so far, that means there are still billions left to help homeowners just like you save their home and get back on the road to recovery.

As number of homeowners have found it increasingly complex to make ends meet and afford their home mortgage payments, mortgage defaults as well as foreclosure proceedings have raised. These homeowners have many options, which could put them in a situation to get their accounts existing and allow them to make their following mortgage payments. One such option if a homeowner qualifies is to take part in the United States Treasury Department's Home Loan Modification plan. This plan is a shared debt reduction plan between your lender as well as the government.

The primary step is for your lender to decrease your monthly mortgage payments including principal, taxes, interest and insurance along with condominium fees to reflect no more than 38% of your gross earnings. Gross income is clear as your total salary, dividends, tips and additional income prior to taxes. As the lender or bank reduced your payments to 38% of your monthly gross earnings, the Treasury Department would then step in and match dollar for dollar any extra reduction, which the lender provides down to 31% of your gross monthly income for up to five years.

Eligibility Requirements

1. Pooling as well as Servicing Agreements:
   The program guidelines reflect usual and customary industry standards for mortgage loan modification contained in usual servicing agreements, which includes pooling as well as servicing agreements governing private label securitizations. Contribute servicers are necessary to think all qualified loans under the program guidelines unless forbidden by the rules of the appropriate and/or other investor servicing agreements.



2. Beginning Date of Loan Modification:
   The mortgage to be modified has to beginning on or before January 1, 2009.


3. Program ending:
   Fresh borrowers would be accepted until December 31, 2012. Program payments would be paid up to five years subsequent to the date of entry into a home loan modification. Examine would continue through the loan terms of the program.

Qualify for mortgage loan modification and prevent foreclosure now!

RefinanceITT can help you stop foreclosure. Apply now!

4. Qualification Terms:


• The home should be your primary residence and a single-family residence of not more than four units. More particularly, the home should not be investor owned which not is vacant. The homeowner need to prove they live in home although a tax returns or else a utility bill.
• The payoff on the main mortgage should not exceed: 1 Unit: $729,750, 2 Units: $934,200, 3 Units: $1,129,250, or 4 Units: $1,403,400
• A homeowner should have an existing or imminent financial hardship.
• The home should have an appraised or assessed value.