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Obamas loan modification plan – Who Qualifies for the loan modification program

Who exactly will qualify for Obamas loan modification plan?The $75 dollars that is being used to help homeowners requires people of specific criteria to qualify for help. Here is some more information for those who are interested in applying for this loan modification plan.

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Obamas new loan modification program has a goal to help an estimated 7-9 million people in the USA. These people will need to provide certain documentation that will be reviewed and check through by lenders (voluntary people given financial incentives to participate).
For those thinking of applying to this loan modification program here are a few steps that you must know to get into Obamas loan modification plan.
1. You must live in the home as your primary residence
2. You cannot qualify if you are on second mortgages
3. You must be able to prove your income (this will be produced n document form)
4. Your current house payment must equal 31% or more of your gross monthly income
5. You do not have to be delinquent to apply for this loan modification program but you must prove that you are or will be going into financial hardship without it
6. It is free to apply for the program
To apply for the Affordability and Stability Plan you need to begin gathering all the needed paperwork. This includes documents that show income, expenses and financial hardship. These documents and other forms should be carefully checked over and verified to make sure they are correct.


Which banks are included in this new loan modification program?

Most banks are included in this program due to the incentives the Government are offering to the lenders and servicers even though the program is voluntary.
By keeping your new loan current you are given financial incentives which grow every month you pay on time. This incentive can grow as big as $5000 at the end of a 5 year span. So get started now and learn all you can on how to qualify for the loan modification program.

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