Help for the mortgage meltdown is on its way. Right now you’ve probably heard about the new government-sponsored Obama making home affordable program to help homeowners avoid and prevent foreclosure. The mortgage loan modification assistance plan can help people like you to hang on to their houses.

Every lender establishes guidelines specifying who can participate in the program. The objective of each of these programs is to help struggling homeowners keep their houses. One size doesn’t fit all when it comes to loan modification, so research each program carefully before enrolling. Know what you’re getting into. As your lender about what they can do for you, establish a plan of action, be prepared to provide the necessary documents, and get ready to write an effective hardship letter. Together, all these steps will enable you to get a home loan modification that will solve your financial difficulties.

Must be able to document hardship with an explanation and Affidavit. Provide required income documentation less then 90 days old. Verify occupancy with utility bill or tax returns. Must agree to an escrow account for property taxes and insurance. Loan cannot have been previously modified under the Home Affordable Plan. Loans secured by condemned properties. Loans currently in foreclosure are acceptable and those involved in bankruptcy proceedings (at the lenders discretion). Proof of imminent hardship/default if loan is not delinquent.

Take the time to learn more about the government loan modification plan so that you will be able to meet the debt ratio guidelines and target payment criteria. It is a standard formula the same for everyone so once you learn the basics you will be on your way to getting the loan workout you need and deserve.

Obama making home affordable program and Loan Modification Program has made the loan modification process much easier to navigate for millions of qualified families. If your circumstances are not black and white, then you may want to have the security of a good attorney on your side. The money you spend for this service will be paid back many times over in your good loan modification.

Learn more about Obama Making Home Affordable Mortgage Program.