Whatever the stress of meeting your monthly mortgage repayments or the impending danger of foreclosure is hovering over you, the Obama Administration has a new plan of action to help you. The government introduced the new Mortgage Loan Modification plans in early March 2009. The plan is designed to lower your monthly payments for up to five years in order to make life a little easier.
The main problem that people in your situation face is the Loan Modification companies that are intended to help you complete this process charge from $ 1500 – $ 5000 for their services. Now, if you had that kind of money readily available, would you really require Obama's help?
This has now led to a number of very clever people, who have been through this situation, to produce a Do-It-yourself, easy to follow, Loan Modification Kit. Check out the free bonuses you get with this kit: –
1) Mortgage Lender Script – An easy to follow script. One of the most daunting prospects is having to contact your lender and try to "talk yourself" out of foreclosure. There are also some great tips on how to approach the subject of getting your lender to reduce your principle balance.
2) Budget Worksheet – Your lender will require you to submit proof of your income and expenditure. Use this easy to follow budget worksheet to ensure you apply the right "tweeks" to your expenses and help you to qualify.
3) Document Checklist – The worst possible scenario is taking the time to complete your application and then continuously delaying the process by not supplying the correct documents. Use this checklist to get it right first time.
4) Financial Hardship Letter Templates – You will need to initially apply in writing to your lender. This is your opportunity to explain why you think you qualify and why you need help. Remember first impressions count.
5) Examples of Actual Paperwork – Nothing can be more step-by-step than seeing actual real life examples. This rids you of any confusion when having to complete your paperwork.
6) Obama's Homeowner Affordability And Stability Plan – On February 18th 2009 Barack Obama unveiled his plan to help millions of American homeowners. This plan has been condensed into a 20 page report outlining the pros and cons and also how to use this plan to your advantage.