| Lenders are supposed to keep strict records of all | | | | Document Information: |
| important papers for verification purposes and will | | | | Lenders are supposed to keep strict records of all |
| include the following; eligibility of the borrower and the | | | | important papers for verification purposes and will |
| qualifying documents, underwriting information and | | | | include the following, eligibility of the borrower and the |
| incentive amounts. | | | | qualifying documents, underwriting information, and |
| Obamas Loan Modification Guidelines | | | | incentive amounts. It is required that each borrower fill |
| These guidelines are what you must know before you | | | | out an affidavit stating hardship, which will all need to |
| begin the process of a loan modification application to | | | | be verified. |
| determine if you might qualify. | | | | Data Collection: |
| 1. Your house must be your primary residence | | | | The lenders are required to collect and give the |
| 2. You must show and prove that you have income | | | | borrower and property information for the reasons of |
| 3. Now Obamas Loan Modification guidelines apply to | | | | making sure that the rules of the plan are completely |
| second mortgages | | | | complied with and to help assure the effictiveness of |
| 4. Currently your mortgage payment must equal 31% | | | | the plan. Parts of information that have details on them |
| or more of your monthly income(before taxes) | | | | that must be analyzed for underwriting, modification |
| 5. Your loan must have been taken out before Jan 1, | | | | terms, and an analysis of waterfall. Profiles on the |
| 09 | | | | borrower and the property level will also be required. |
| 6. Your mortgage amount must be less than $729,750 | | | | Detailed assistance with information needs will be |
| 7. You must have faced a financial hardship (Job Loss, | | | | given separately. |
| medical bills etc) | | | | |