Faced with financial difficulties one tends to panic instead of finding a solution to his problems. With financial difficulties comes the burden of debt and the added burden of losing your home. This is the reason why The Obama loan modification program was welcomed by all the people who were searching for the appropriate method to get rid of ones mortgage loan debt. Also known as the Bank Of America loan modification program this program enables debtors to modify their mortgage loan structure so that the outstanding balance owed to the lenders can be paid off at an affordable rate. Apart from the Bank of America there are other private financial firms who have also adopted the Obama loan modification program and so their programs are commonly addressed to as Chase loan modification program.

To avail the Government home affordable modification program also known as Chase loan modification or Bank of America loan modification program an individual needs to submit a hardship letter stating reasons for his financial hardship and this is one home affordable modification program guideline which qualifies an applicant for the program. A hardship letter states details of ones income and expenditure and other financial details which clarifies to the bank the situation of the client because of which he/she is unable to repay the mortgage amount. There are many other home affordable modification program guidelines which help an individual to avoid foreclosure and qualify for the Government home affordable modification program. The following documents need to be submitted apart form the hardship letter to qualify for the Obama loan modification program. They are:Pay checks, tax returns for the previous 2 years, bank statements for 2 recent months for all the accounts.

Whether it is the B of A loan modification or the Chase loan modification program an applicant has to submit the relevant documents as stated above to qualify for the Government home affordable modification program. The main aim of the B of A loan modification program is to reduce the interest rate on the original mortgage, interest only payments for a period of time, extension of the term period of repayment, reduction of the principal or a part of the principal or waived off late payment charges and other fees.

However, it is always advisable to research and understand the procedure of how to apply for the Obama loan modification program as well as review the home affordable modification program guidelines so that before applying for the program one is completely aware of what documents need to be submitted and what details to be provided so that the loan is approved.