Obama’s Loan alteration Plan – How to Qualify
On March 4, 2009 the $75 billion Homeowner Affordability and Stability Plan will be passed into law by President Barack Obama. The White House has just released who will qualify and how to go about receiving a Loan alteration by the new plan. This 4 step guide shows you what you need to do for your family to assistance!
Step 1: Determine if you are Eligible for your proportion of the $75 billion Bailout?
1. Do you live in the home?
2. Is your current loan amount within the Fannie Mae conforming limits ($625,500 in high cost areas and for other areas it is $417,000)
3. Are your current house payments more than 31% of your gross income?(Loan alteration kits can help with all financial calculation your lender may want to see)
4. Are you must be able to prove you have current income?
5. Do you currently have a job?
If you answered yes to these five questions there is a good chance you will qualify for a loan alteration under the terms in the Homeowner Affordability and Stability Plan.
Step 2: Apply for a Loan alteration
You must act quickly; millions of American’s will be trying to get a piece of the bailout! The sooner you act the better your chances are of receiving a loan alteration. However, it is important to ensure that you have all your documentation in order so that when you do reach your lender they will be able to course of action your request quickly.
So in step 2 first prepare all documentation required by your lender then contact them. The Complete Loan alteration Kit has all document templates, forms and checklists your lender may request. With the Homeowner Affordability and Stability Plan if your loan qualifies there is a good chance that the lender will contact you. Be certain that the person claiming to be your lender truly is! But there is no guarantee your lender will contact you, consequently it is in your best interest to be proactive and contact them.
INSIDER TIP #1
It is important to understand that with Obama’s Homeowner Affordability and Stability Plan lenders have a financial motive, and they love money, to course of action as many loan modifications as possible. consequently it is basic that if you want your lender to consider your case a high priority for them, you need to make it easy for them to course of action your application fast. Nothing will get your case dropped to the bottom of the pile faster than taking up an hr of your lenders time with questions you can learn quickly online. The Complete Loan alteration Kit provides a clear overview of the loan alteration course of action.
INSIDER TIP #2
One of the largest differences in the loan alteration course of action that the Homeowner Affordability and Stability Plan will have is the fact that to receive a loan alteration you do not need to be behind on your mortgage payment. Now if your ARM has been reset to a high rate and you answered yes to the questions in step 1 you can likely get your rate reduced to 4.5% fixed.
Step 3: Follow Up, Follow Up, Follow Up!
It is especially important now, with so many loan modifications being started that you stay in contact with your lender and ensure your case is being handled effectively.
Step 4: Enjoy the Benefits of Saving Your Family’s Home
Thanks to the Homeowner Affordability and Stability Plan there has never been a better time to pursue a loan alteration. But with this opportunity there is also the downside that your lender will not have the time or patience to walk you by the time of action, to get approved quickly for a loan alteration you will need to prepare all documentation before you begin the time of action of speaking with your lender.