Confused about just how a mortgage modification works and whether it can benefit you? The Federal Housing Stimulus plan is funded by $75 billion dollars-you need to find out how you can use this program to get a lower monthly mortgage payment so you can afford to stay in your home. This program is called Home Affordable Modification or HAMP. President Obama's loan modification plan is designed to offer hope and help to almost 5 million borrowers-here is some information to help you get started.
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HAMP Stimulus Plan Mortgage Modification Benefits:
Lower interest rates to as low as 2% Extend loan terms to as long as 40 years Defer or forgive principal balance Applies to first and second loans Achieve a new target payment of 31% of monthly gross income Bring loan current and stop foreclosure process Allow homeowners who are delinquent or current to modify the terms of their home loans Pay for Success bonus of $1000 per year for 5 years for homeowners who pay on time Encourages lenders to offer the plan by paying incentives for each loan modified
Although not everyone will qualify for Obamas Federal Housing Stimulus plan mortgage modification, those homeowners who can meet the standardized guidelines will be eligible for very aggressive and beneficial modified loan terms. The application process will involve completing some forms and then telephone interview. Homeowners who can prove in black and white that they meet the approval criteria will be able to qualify for help.
The good news is that you can get help quickly as long as you prepare and submit and acceptable and complete loan modification application. You can avoid long delays by making certain that you have completed your financial statement correctly and also provided all of the documentation that your lender needs to see from you the first time. Many files that are incomplete are simply set aside or even shredded because the banks cannot process them.
Even if you are unemployed you may be eligible for a federal loan modification plan. If you have at least 9 months of unemployment benefits remaining that can be counted as income and help you to qualify. Also, you may be offered a very low payment for a limited time so that you can stay in your home while you try to find a new job.
APPLICATION TIP: Use a software program designed just for homeowners that uses the very same formula banks use for the HAMP approval. It will do all the calculations for you and help you avoid mistakes. Make sure you know and understand how to prepare your loan modification forms correctly so that you have the best chance of approval. Do not contact your bank to apply until you have taken the time to complete and fine tune your application. Be sure your financial statement, hardship letter and other paperwork is prepared correctly. You are only allowed one chance under this program, make sure you do it right the first time. A complete and properly prepared proposal will ensure you have the best chance of getting the loan modification help you need and deserve.
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