Obama's stimulus plan

Does Obama's stimulus plan work ?

If you are facing delinquent mortgage payments and the possibility of losing your home to foreclosure, you may be eligible for a fast mortgage modification using Obama’s Stimulus Plan. The Treasury Department has implemented a loan workout program designed to help millions of homeowners avoid foreclosure with a low, affordable loan payment. Learn how you may qualify for help under this program.

President Obama’s mortgage loan modification plan features terms that will allow homeowners to get an affordable payment so they can stay in their homes. Under this program, your mortgage could be modified fast-and foreclosure averted-by submitting your application and meeting certain approval guidelines. What is the criteria to apply?

1.Home must be your primary residence
2.Loan was taken out January 1, 2009 or before
3.Current loan balance is $729,750 or less
4.Your mortgage payment equals more than 31% of your gross monthly income-including taxes, insurance and homeowners dues
5.You are facing a financial hardship situation
6.Applies to both first and second loans
7.You do not have to be delinquent to qualify, but must prove imminent risk of default

If you can meet the basic eligibility guidelines, then you are a good candidate and should start the application process with your lender. Time is not on your side if you are facing foreclosure, so here are the steps to get a fast mortgage modification.

•Contact your bank and ask to be considered for Obama’s mortgage modification plan
•DO NOT give your bank your financial information until you learn and understand the guidelines for approval
•Prepare your financial statement and other application forms correctly so that you prove that you meet the guidelines-make any adjustments before giving your information to your bank
•Gather all of the required documents together following a checklist so that you know you are not missing any items
•Now you are ready to submit your loan modification application and have the best chance of approval

Obama’s Stimulus Plan could be the answer you need to modify your mortgage fast and avoid foreclosure. Preparation is the key to success-you don’t have time to make costly mistakes. Learn about the program requirements for approval and then submit your application. You are only allowed one chance to get help under this plan, make sure you do it right the first time to avoid surprises and disappointment.

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