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## Obama Loan Modification Plan – Top 10 Questions & Answers

Obama’s loan reform plan will give millions of homeowners stuck in bad debt a second chance. The standardized plan, called Home Affordability Modification, or HAMP for short, seeks to offer a path out of foreclosure for qualified homeowners. Participating lenders will be given a monetary incentive to offer the plan to interested homeowners, although each application will be reviewed and determined on a case-by-case basis. Find out more about how it works to find out if you might qualify for help.

Top 10 Questions on the Obama Debt Modification Plan:

#1: Do I have to be late on my mortgage to qualify? No, this program is intended to prevent foreclosure for all homeowners who are experiencing financial hardship now or in the future. Lenders and servicers actually get paid more for modifying loans that are not yet outstanding. You must pass the “imminent risk of default” calculation to qualify. Do you know how to calculate this approval trigger?

#2: How do I know if my loan is eligible? If your loan amount is $729,750 or less and was originated before January 1, 2009, you will likely be included in the Obama Loan Modification Plan. (Higher loan amount allowed for 2-4 unit properties)

#3: I own a duplex, and I live in a unit-can I apply? Yes, as long as it is your principal residence. The program does not include investments, second homes or rental properties.

#4: My current mortgage payment is unaffordable, how much lower can my modified payment be with this loan modification program? The plan seeks to reduce monthly mortgage obligations (including taxes, insurance and HOA dues) to 31% of your gross monthly income. If your current payment equals more than 31% of your gross, you may qualify for a lower payment. Get help calculating your target payment with Loan Mod Quick App software – it does all the calculations for you automatically.

#5: Will this loan modification plan apply to my second mortgage? Yes, the program has been expanded to include second loans as well. Modification methods include reducing the interest rate by up to 1% or writing off some of the principal balance. The Treasury Department is subsidizing banks at 12 cents on the dollar.

#6: Should my lender give me this loan modification plan? No, this is a voluntary program. Most lenders and servicers are expected to participate because of the generous incentives offered by the Treasury Department. Additionally, if you are 60 days or more delinquent and your bank is a participant, you need to have your loan evaluated to see if you may qualify.

#7: How will my lender reduce my payments to reach the 31% debt ratio guideline? First, the interest rate will be reduced to 2%, if the ratio is still too high, the period will be extended to 40 years. If more is still needed, then a portion of the principal balance can be deferred (interest free—but payable if the home is sold or refinanced).

#8: How do I know if my bank is participating? You can call your lender or servicer or visit the government website-homeaffordable.gov.

#9: What paperwork do I need to provide to apply for the Obama loan modification plan? You will be asked to prepare an accounting of your income and expenses (financial statements), document hardship status, provide your paycheck stubs, current bank statements and tax returns. The information you provide on your financial statements can have a big impact on whether or not you get approved, so make sure you know how to complete it correctly. Eliminate confusion and frustration when preparing your financial statements when you use Loan Mod Quick App software.

#10: What is the cost of this loan modification program? The scheme is free – there is no fee to apply or to qualify. The Treasury Department is warning landlords against paying any large upfront fees.

This information is a basic outline of what might qualify, but borrowers are encouraged to take some time to learn more about how to best prepare your application to increase your chances of success. The program uses a 4 step method to determine who is eligible. You can learn this same formula and use it to prepare your own acceptable modification proposal. Don’t miss your chance to lower your monthly mortgage payment.

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