The new Obama loan modification program

The white house announce on a new plan to help home owners keep their home and prevent foreclosure The new plan is designed to help home owner that are current with their payments and solve two major problems:

• Unemployment
• Properties that under water

The government will allocate estimate of $14 billion dollars to help with the new foreclosure and modification program.
After people say that the last program the H.A.M.P didn't help enough to prevent foreclosure and keep people in their homes: The new modification program will include:
Unemployment: under the new program the government will encourage the bank to reduce the payment to affordable amount to for a short period of time between 3-6 month to allow home owner to get a permanent home loan modification without default on their home mortgage loan.
Underwater properties: the new modification program will allow home owner to refinance their loans to over 100% LTV and or encourage the banks to reduce the principle of the loan. Under the new plan banks will get incentive for each loan depending on the amount of principle that was detected. Borrowers will have to remain current for at least three years to have their loan permanent modify.

About Home loan Modification program

Loan modification otherwise known as: home loan modification,mortgage modification,loan mod,mortgage loan modification,bank loan modification.

On February 18, 2009, President Obama announced a comprehensive plan to help responsible homeowners avoid foreclosure by providing affordable and sustainable mortgage loans. The Homeowner Affordability and Stability Plan, a $75 billion dollar federal program, provides for a sweeping loan modification program targeted at borrowers who are at risk of foreclosure because their incomes are not sufficient to make their mortgage payments. It also includes refinancing opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value.

Under the Homeowner Stability Initiative, Treasury will spend up to $50 billion dollars to make mortgage payments affordable and sustainable for middle-income American families that are at risk of foreclosure. Borrowers who are delinquent on the mortgage for their primary residence and borrowers who, due to a loss of income or increase in expenses, are struggling to keep their payments current may be eligible for a loan modification.

How loan modification works?

There are a few ways that your bank can modify your exsisting mortgage loan:

• Adding the delinquent balance to the loan. Rather than require payment up front, the lender may choose to add the balance owed to the new loan terms ensuring you will eventually pay it back.
• Reduce the interest rate. Youll need to prove that a rate reduction can positively affect your situation and allow you to resume making timely payments.
• Extending the years due. By adding years to the loan, the lender is able to reduce the monthly payment knowing that they will recover the amount later on.
• Reduce the balance owed. Under some circumstances, the lender may elect to reduce the balance of the loan. To do so, they will want to be absolutely sure you will be able to make the new payments.

Think You Can't lower your mortgage payments? We've Got News For you!

With our extensive experience we can help you every step of the way and do everything possible to prevent your foreclosure. After performing an assessment of your situation and analyzing your bank's policies we will negotiate with your bank to get you the best home loan modification program to your specific situation. We can help you save your home. lower your mortgage payments avoid foreclosure and save your credit history through a variety of loss mitigation programs and mortgage loan modification.

This is what you get when you choose us!



• We are experts in foreclosure solutions and mortgage assistance:mortgage modification,loan modification,home loan modification,short sale,Deed in lieu,forbearance agreement and repayment plans
• Free Consultation and evaluation of your situation, including what you can expect your new mortgage payment to be.
• An experienced negotiator (attorney if necessary) to handle all correspondence with your lender.
• Instant loan modifications that are completed in just a couple weeks! Instant stress relief!
• Peace of mind. Let our experts mitigation team to handle all the phone calls, faxing, negotiations, etc. with your lender and rest assured we will fight for the best bank loan modification program possible for you!

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How do I know if I am eligible for a loan modification under the Home Affordable Modification Program (HAMP)?

To apply for a modification under HAMP, you must:

• Be the owner-occupant of a one to four unit home;
• Have an unpaid principal balance that is equal to or less than:
  o 1 Unit: $729,750
  o 2 Units: $934,200
  o 3 Units: $1,129,250
  o 4 Units: $1,403,400;
  
• Have a first lien mortgage that was originated on or before January 1, 2009
• Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31 percent of your monthly gross (pre-tax) income
• Have a mortgage payment that is not affordable due to a financial hardship that can be documented

If you answered YES to all of these questions, you may be eligible for a modification under HAMP. contact us to check our for home loan mortgage assistance program.