Obama loan modification plan aims to help all the struggling homeowners to modify their loan and make their monthly payments lower. It assists them to save their home from foreclosure by modifying their mortgage loan.

Are you in danger of losing your home by foreclosure? Then a sure option is provided by the government of America, it’s the Obama home loan modification plan, HAMP and it’s also called as Obama’s federal loan modification plan. This plan is funded by the Obama government and $75 billion has been provided for this plan. This new plan provides homeowners a cheap and affordable monthly payment for their mortgage which can help them to avoid foreclosure of their home. Obama-loanmodification also provides services for this new mortgage loan modification plan thus the needy individuals can contact this people.

This plan is authorized by the federal government and it has specific criterion for a loan modification applicant. Once a person has provided the proof that he is eligible for the streamline loan modification than his chances for approval is more. To make sure of getting into a loan modification plan, below given is an easy guide which can help the homeowner to understand the process.

Home affordable modification program requirements:

• He is presently living in his house
• If his loan has commenced before January 1st 2009
• The current mortgage payment amount should be 31% of the basic monthly income.
• A hardship letter or a document proving the hardship status

• Call the lender and ask about loan modification plan.
• Take out a hardship letter and add it in the application
• Compile all the financial statements which includes household income, expense etc.
• Fill the borrower statement form
• Prepare bank statements for the past tow months.