Are stuck with unaffordable mortgage payments and running out of options? You may be able to end the stress and frustration by qualifying for an Aurora loan modification using Obama's federal loan modification plan. The benefits of this government funded loan workout include reduced interest rates, longer loan terms and even principal reductions for homeowners who can meet the eligibility requirements. Here are some details of the plan and how you can apply.
Aurora Loan Services is authorized by the Treasury Department to offer loan modifications using the federal plan called, Home Affordable Modification- or HAM. In return for adhering the to standard guidelines, Aurora will be paid for each loan workout they complete for qualified borrowers. Homeowners will also be eligible for bonus payments of $1000 a year for 5 years-as long as they keep the modified payments current.
What are the benefits of this Aurora Loan Services loan modification? The ultimate goal is to achieve a target payment that equals just 31% of the borrowers gross monthly income. The methods used to attain this payment are the same for everyone, and are implemented using a waterfall method. This means that first the interest rate is reduced (to as low as 2%), if more changes are needed to hit the target payment, then the next option is to extend the loan term up to 40 years. If still more is required to reach that 31% target, then the lender may defer or forgive part of the principal balance. Aurora will be paid by the Treasury Department so that their losses caused by the new terms are shared with the government.
President Obama is encouraging all homeowners facing financial hardship to contact their lender to find out if they could qualify for this federal loan modification plan. Borrowers will be asked some preliminary questions to determine if they meet the basic criteria. Once past this first step, homeowners will have to prepare an application that includes a detailed accounting of their monthly income and expenses, a hardship letter and proof on their income and assets. Based on the information provided by the borrower, Aurora will make a decision to either grant the modification or not.
IMPORTANT APPLICATION TIP: Even deserving homeowners may be declined if they do not complete their application paperwork correctly. Do NOT contact Aurora until you have taken the time to learn the basics of how to prepare your financial statement and know the 3 critical elements you need to cover. It is not hard to do-but if you don't work on your forms ahead of time then you are taking a big chance at being denied the help you need.
Aurora Loan Services is offering the Home Affordable Modification to borrowers who can meet the approval requirements. Your job is to simply learn what those requirements are and then complete your application so that it has the best chance of meeting the criteria. Over 150,000 homeowners have already been approved under this government program and have had their mortgage payments reduced significantly. The secret to success is simply to learn, prepare, and then apply for help.
You can get the help you need to apply and qualify for an Aurora 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. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to apply and qualify for the Obama federal program too. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at:
http://www.myloanmodificationcenter.com
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