Mortgage refinancing or modification is not a decision that should be taken lightly. While the process seems intimidating, and hard, it does not have to be, especially now. President Obama announced his Obama mortgage plan , which allows homeowners to get approved for refinancing or home loan modification into an affordable, monthly payment. This plan will save millions of homes from being foreclosed on or lost to mortgage default.

President Obama mortgage plan features terms that will allow homeowners to get an affordable payment so they can stay in their homes. Under this program, your mortgage could be modified fast-and foreclosure averted-by submitting your application and meeting certain approval guidelines. What is the criteria to apply? Home must be your primary residence. Loan was taken out January 1, 2009 or before. Current loan balance is $729,750 or less. Your mortgage payment equals more than 31% of your gross monthly income-including taxes, insurance and homeowners dues. You are facing a financial hardship situation. Applies to both first and second loans. You do not have to be delinquent to qualify, but must prove imminent risk of default
If you can meet the basic eligibility guidelines, then you are a good candidate and should start the application process with your lender. Time is not on your side if you are facing foreclosure, so here are the steps to get a fast mortgage modification.

Also, besides covering some of the mortgage lenders potential losses, this incentive money will cover all closing costs and fees associated with refinancing or home loan modification. This is great news for struggling homeowners, as odds are since their struggling to make their mortgage payments, they do not have a few thousand dollars to pay closing costs or fees.

This way you know ahead of time that you qualify, and if needed you can make any necessary adjustments to your figures so that you fit right into the guidelines.
Learn the 4 step formula, debt ratio, target payment and get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application.

Learn about the program requirements for approval and then submit your application. You are only allowed one chance to get help under this plan, make sure you do it right the first time to avoid surprises and disappointment. You could get your answer in 30 days and get back on track to financial security. If you are not sure how to prepare your financial statement correctly, you may want to use a software program that does all the calculations for you automatically. Your debt ratio, target payment, disposable income and the other qualifications are all figured for you-this tool can help you avoid mistakes and give you the information you need to meet the approval guidelines.

Learn more about Obama Mortgage Relief Plan Qualifications.