Do know if you qualify for President Obamas “Making Home Affordable” Mortgage Refinancing and Modification plan? Do you know the eligibility requirements and where to start your search for a piece of this $75 billion plan? Well here is a great place to start. Here is how you can take advantage of this plan for yourself.

There are standardized guidelines that mortgage lenders and banks must abide by and that a homeowner must meet when refinancing or modifying a home loan. By understanding how to fully, and correctly, complete your applications and all associated forms, and know what to say when speaking with the lender, you are increasing the odds of your approval. A big secret to refinancing or modifying a home mortgage loan the right way, is proper preparation of all necessary documents prior to applying.

When preparing any financial documents or statements for your bank or mortgage lender, be sure to exclude all unnecessary costs and expenses in order to show the lender or bank you are capable of repaying the loan, especially after having it refinanced or modified. This plans guidelines call for a homeowner to pay no more than 31% of their gross monthly income towards their home loan every month. This does not include associated costs of ownership of a home such as insurance, taxes, or any homeowners fees. Plan your budget around the 31% estimate so that you can easily make adjustments should you have to later on.

Fine tuning your mortgage refinancing or modification application will really turn the tables in your favor. The lender will clearly see that you have done you research and are serious about this decision, and have no way out. A lot of homeowners are facing financial hardships all across the country, and this plan could be just the thing they need to recover their finances and get back on their feet again.

-M Petrone

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