| If you are hoping to obtain a loan modification under | | | | which you are responsible. These details could make |
| the 2009 Home Stimulus Plan, you should do your | | | | the difference between qualifying and not qualifying for |
| homework before you apply. Don't contact your lender | | | | a loan modification under this program. |
| until you have all your information compiled according | | | | Of course, there are many other application criteria for |
| to the guidelines of the program. This will give you a | | | | this federal program, with the first one being whether |
| better chance of success. There are details you might | | | | or not your lender is on the approved lender list. If not, |
| miss if you just dive in and apply, figuring your income | | | | then they are not participating in the program anyway. |
| expense ratios incorrectly. | | | | 80% of the nation's mortgages are made by banks on |
| When you are applying, you will need to verify that | | | | the approved lender list. Your loan must also be a |
| your current payment is more than 31% of your | | | | Freddie Mac or Fannie Mae loan, issued before |
| income. The new payment is targeted to be less than | | | | January 1, 2009, that is not for more than $729.750. |
| 31%. But, if you didn't do your homework, you might not | | | | You should begin your preliminary fact-finding and then |
| know that that income figure is your gross monthly | | | | compile your information. You will have to document |
| income. That is your income each month before | | | | everything you state in your application package |
| anything is taken out. The payment figure mentioned | | | | concerning income and expenses. So, you should start |
| includes property taxes, homeowner's insurance | | | | by gathering pay stubs, insurance bills, medical bills, or |
| premiums, and any homeowner association dues for | | | | any other pertinent paperwork you will need to have. |