In order to participate in this program, you will be asked by your lender to submit some paperwork. The loan modification forms that are required are then reviewed and the information provided will be used to determine if the homeowner fits into the standard approval formula. Since a mathematical formula is used to qualify, borrowers can use this same formula to help them check their own budget to make certain that they fit into the guidelines for approval. A software program is available that actually mimics the very same formula used under the government loan modification and does all the calculations automatically. Accurate and acceptable financial statements are critical to approval.
The government plan is funded by stimulus money and is available for a limited time. Interested homeowners need to contact their lenders quickly to take advantage of this assistance. After all, it is paid for by tax payers money and deserving borrowers need this help to avoid foreclosure. Banks are being paid by the government to offer loan workouts, and homeowners will also be paid $1000 annually for successfully maintaining their new payments.
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