Obama Mortgage Rescue Plan: That You Present to a School Teacher
Are you worried that you might be facing foreclosure soon? There is nothing to worry about because there are so many solutions to stop it as soon as possible. One of the best solutions is loan modification. Recently there have been a lot of craze for getting these modifications. After the introduction of Obama’s Obama mortgage rescue plan, many home owners are relieved and very happy.
Loan modification help under HAMP will now be determined within 30 days of a participating lender receiving a homeowners complete application. Here is the basic timeline that the Fed announced needs to be implemented immediately: Written confirmation of receipt of loan modification request within 10 days
Approval or denial for loan modification within 30 days of receipt of homeowners complete application
3 month Trial Modification given to qualified borrowers and at the end of the trial the modification will become permanent automatically.
If denied a loan workout, homeowners will be offered another option such as short sale, deed in lieu or other exit strategy.
This is good news for millions of homeowners who have been getting the run around from their banks-sending and resending the same information over and over again, or being told they are approved one day and then the next week being told they do not qualify. This also means that homeowners will only have one chance to apply-so it is very important to prepare and accurate and acceptable loan modification application the first time.
Although it is a letter, imagine that you are sitting in front of the lender and talking to him. The letter must contain content that tells the hardships you are facing now.
If you need help figuring your debt ratio, disposable income, new target payment or other calculations, take advantage of the only software designed just for homeowners that does all the required calculations for you automatically. Avoid mistakes and save hours of confusion and frustration. Do it right the first time.
Learn more about Obama Mortgage Relief Plan Qualifications.
