The clear intention of Obama's new stimulus package for homeowners is to prevent foreclosure on their homes. People facing problems when it comes to meeting their mortgage repayments can apply for either a loan modification or mortgage refinancing option in order to avoid foreclosure on their primary home and place of residence.
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The intention of the Obama federal loan modification program is reduce the repayments of homeowners to affordable levels that can be sustained on an ongoing basis. The maximum total monthly repayment level (including capital repayments, interest, insurance and tax) that is available is 38% of gross monthly income and that is only available under special circumstances, the more typical maximum for people meeting the qualification criteria is 31%. To encourage participation the government is offering financial rewards for each loan modification and any lost revenue due to lower interest rates will be government funded. The borrowers are also being offered incentives to meet repayments that could be worth a total of $5000 dollars over 5 years, these incentives will be used to pay off a portion of the capital (Principal) of the loan. To speed up the application for a loan modification you need have available the following documented information: * Proof of gross monthly income from all sources * Your latest tax return * Proof of any valuable assets * The details of any 2nd mortgage on the house * The balances and minimum monthly payments required for all credit cards * The balances and monthly payments of any other loans you have * A letter that explains why your mortgage has become unaffordable With Obama's 'make home affordable' program you do not have to be delinquent on your payments, if you can demonstrate that your total monthly mortgage repayments are greater than 31% of your gross monthly income, you may be eligible even if you are up to date on your payments.
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