We can help homeowners to get a loan modification in many ways, one of which is the Obama Mortgage Plan to provide for affordable home loan modifications. You need to fit certain requirements to be eligible for this plan, please call or fill out our easy form so we can asses your situation and help you get approved!
Obama Mortgage Plan
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
Home Affordable Modifications
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible.Am I eligible for a Home Affordable Modification? Answer these questions:
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Is your home your primary residence? |
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Is the amount you owe on your first mortgage equal to or less than $729,750? |
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Are you having trouble paying your mortgage?
For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)? |
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Did you get your current mortgage before January 1, 2009? |
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Borrower Eligibility
- Modifications may be available for borrowers who are delinquent (including those currently in foreclosure) or for borrowers facing the imminent risk of default because of a documented inability to continue making their current monthly payments.
- The property must be occupied as the borrower’s primary residence and most property types are eligible including, one- to four-unit properties, condominiums, co-ops, and manufactured homes.
- Mortgages originated on or before January 1, 2009 are eligible and the unpaid pre-modification principal balance can be as high as $729,750 (more for two- to four-unit properties).
Modification Steps
After determining a borrower’s eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower’s total pretax monthly income:
- First, reduce the interest rate to as low as 2%,
- Next, if necessary, extend the loan term to 40 years,
- Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.
Many homeowners will try to qualify for this program themselves. They will contact their lender and the lender will ask them quite a few financial questions. The lender will tell you that you make too much money or don’t make enough and deny you your loan modification. If you have already tried this program or want to see if you qualify, just fill out our form or give us a call.
We are EXPERTS when it comes to the “Obama Mortgage Plan” (the Home Affordable Program). We know the necessary ratios it takes to get you approved for this program. Let us help you get your files in the hands of a bank negotiator and get you approved! Just visit our home page and call or fill out the form today!
There are no upfront fees with this program.
888-762-1150
Get A Loan Modification <–to fill out the contact form
Obama Mortgage Plan
p.s. if you are facing foreclosure, when we start the Obama mortgage plan with your lender, your mortgage will be frozen for 90 days. This means you cannot lose your home during this time.
We also have instant loan modifications available if you have a loan with Countrywide, EMC, Bank of America or Wells Fargo. 7 days or less and the whole modification is completed. No upfront fees to find out if you qualify and what your new rate and payment will be!
About the ProgramThe Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.
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Spoke with a rep today and it sounds like you guys actually know what you are talking about and want to help. Thanks for the tips, we will definitely be in touch.