President Barack Obama's Mortgage Modification Finally in the Works by toriola1


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President Barack Obama's Mortgage Modification Finally in the Works By Walter Sigmore

Don't think that your President doesn't know the economy is struggling. President Barack Obama's mortgage modification program is taking the economy by storm with him offering a little added help for those really struggling financially. With the rapid decrease in property and home values it has become very difficult for home owners to be able to sell their home in hope of getting away from the struggle of owning. Many more home owners are becoming completely stuck with their homes until they reach foreclosure which is what any lender really wants to avoid. Back in February this mortgage modification came about to help those that no longer have that 20% equity due to the rapid decreases in property values. Usually you are required to have at least 20% equity before you can qualify for a mortgage modification making it a true struggle to be approved. Now many more homeowners are having the opportunity to avoid foreclosure with this new plan that Barack Obama has started. This is preventing over five million people who own homes from foreclosure and have the ability to continue living in their homes. Mortgage lenders have been given new guidelines to follow when approving applicants for a mortgage modification allowing them to help many more homeowners out then before. With a larger portion of the United States homeowners paying at least 40-50% of their earnings into their mortgage many are finding it even more difficult to pay their mortgage which is where this mortgage modification plan comes in handy for many. For those participating in home refinancing you could find yourself either saving money or spending money depending on how the refinance is done. If your home refinance was done incorrectly you could end up paying more back then you saved which can be frustrating. You want to get the proper information before you do this and ensure the lender has given you all the necessary details for a safe home refinance. Many are signing up for President Barack Obama's mortgage modification program in hope to save themselves financially. Make sure when you apply for this mortgage modification program that you are ready to supply all the necessary details right away. The sooner you are prepared the sooner you will
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be approved and saving yourself some needed cash through these hard times. Everyone needs a little financial relief and Barack Obama is prepared to give you some needed help with his brand new mortgage modification program. For more resources on home loan modifications, visit the #1 loan modification resource on the net:

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How to Get a Countrywide Loan Modification Under New Federal Loan Guidelines By Lindsy Emery

This article tells you what you need to know in order to apply for and qualify for a Countrywide loan modification under President Obama's new Federal Plan. This mortgage lender is now taking applications from mortgage holders who face financial hardship. If you feel you need to lower your mortgage payments in order to avoid foreclosure on your home, read on to learn how to qualify. First, you will need to gather certain paperwork for Countrywide loan modification. The Treasury Department has proved Countrywide to offer its borrowers loan modification, featuring the following terms: -- reduction in interest rates down to as low as 2%; -- extension of loan terms to as long as 40 years; -- deferral of principal. The federal loan modification plan is designed to provide homeowners who qualify with a new monthly payment, equaling just 31% of gross monthly income. This target payments includes all monthly costs: principal, taxes, interest, insurance, and any homeowner's dues. President Obama's plan allows for a first mortgage modification, as well as for a second loan, but there is a separate plan for loan modification of second loans. The federal plan offers cash incentives to lenders, in exchange for lowering the monthly payments on all qualifying loans. You need to be the following terms in order to qualify for a Countrywide loan modification through President Obama's plan: -- the loan must have originated prior to January 1, 2009; -- the current mortgage payment must exceed 31% of your monthly gross income; -- the loan must be for under $729,750 for single unit properties; the rate is higher for two to four unit properties. Here is where the paperwork comes in. You will need to prove that you can maintain payments under the loan modification terms, by submitting a financial statement of your current expenses, along with your proof of income. Start by collecting your bank statements and pay stubs, along with your latest IRS tax form. If you can complete the paperwork properly, and meet the basic approval guidelines, you stand a good chance of receiving a Countrywide loan modification. There is no need to feel overwhelmed by the paperwork process, if you take things one step at a time, use a loan modification guide to help you work through the steps, and ask any questions you may have along the way. The main point is to take your time and do it right, since this is a one-time opportunity. For essential tips and facts about how you can get approved for a Countrywide Loan Modification - visit my simple, no nonsense loan modification guide and resource:

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Presented by Daniel Toriola

Related eBooks: How to Get a Countrywide Loan Modification Under New Federal Loan Guidelines How Can You Get A Mortgage Modification Under Obama's New Plan? The Federal Loan Modification Program Can Help Millions Delaying Foreclosure with a Countrywide Loan Modification New Federal Mortgage Loan Modification Plan - Are We All Going to Be Saved? Get more Free PDF eBooks at Related Products: Money Saving ideas How To Get Reprint Rights Without Paying A Dime Leap Ahead BEFORE You Borrow Money Affiliate Diamond A genuine resource center for Quality Ebooks and Softwares
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