Obama's Federal Mortgage Modification Plan

This is probably the most stressful time in your life if you are an American homeowner that can no longer afford your mortgage payments. The economy and the housing crisis have put millions of homeowners in this position. You are looking for a way to save your home and not sure what your first step should be.

Having heard of the mortgage modification plan isn't enough to answer the question "Do You Qualify?" That is the question on everyone's mind these days! Do you qualify to save your home? These are some basic requirements that are standard with most lenders:
? Mortgage must be on your primary residence
? Mortgage originated before January 2009
? You have or are about to experience a financial hardship
? Your loan balance is below $729,000.
? Your total monthly mortgage payment (including taxes, insurance and homeowner dues) is equal to or more than 31% of your gross monthly income.
If you fit the list above you may qualify for a mortgage modification plan. You will need to contact your specific lender as they will have unique requirements over and above those listed here.
The biggest question about qualifying is regarding the financial hardship requirement. What exactly is an acceptable hardship? Based upon the 200,000 people that have already qualified for a mortgage modification plan, the following are considered acceptable financial hardship criteria:
? Recent job loss or notification of job elimination in the near future
? Death in the family
? Divorce or separation
? Significant medical expenses
? Recent Military service, you or an immediate family member
? Major reduction in salary
Statistically each of the above criteria has been accepted as financial hardships. Again, you will need to contact your specific lender to get their specific requirements.
It is important to realize that you should not give any of your financial information to your lender upon the initial contact. You simply want to request an application for a mortgage modification plan and obtain that lender's requirements. Once you divulge any financial information you are not able to change it! It is crucial that you get the application and requirements and then carefully complete each document. Failure to do so will result in denial and may end in foreclosure.
This is a very stressful time and trying to save your home is probably the most important thing you will do this year. You need to be informed, educated and prepared before completing your application. If you need assistance, have questions, or just want to know if you would qualify, I discovered the perfect site for you!
I have done a bit of research for it. These loan modification experts can help you. You can find out if you would qualify for a modification loan for free! Don't wait; your home could depend upon it! Take the first steps to saving your home today! You will be thankful tomorrow!