Obama's Federal Loan Modification - How Much Time Do You Have?

Bank of America is a participating lender in the Federal Mortgage Loan Modification Plan, the program designed to assist homeowners lower their monthly home loan payments.
This standardized program has basic criteria that determine which homeowners are eligible. For those who qualify, a share of the seventy billion dollars can help them reduce their mortgage payments.
Since the government is paying a stipend to participating lenders like Bank of America, you don't need to fear a negotiation process. All qualified applications will be processed.
You are a qualified homeowner if the mortgage you want reduced is on your primary residence; if your current monthly payment is 31% or more of your gross monthly income; if you have a financial hardship situation, such as risking losing your home; you took out the mortgage before January 1, 2009 and the balance is under $729,750.
When preparing your application be sure to keep the criteria in mind. These are the guidelines that determine eligibility for the mortgage loan modification program.
Are you counting on obtaining a Federal Loan Modification to straighten out your mortgage dilemma? How much time do you have? The deadline on a modification under Obama's Stimulus Plan is December 31, 2012. But, depending on your situation, you may not have very much time at all.
If you are in default on your home mortgage, no one should have to tell you that foreclosure will not be that far away. Banks and lenders will not wait indefinitely for you to get your finances together. Usually, they will require a lump payment to bring the loan current. They might grant you another loan that you are issued to cover the amount you are behind and late fees. But, in honesty, if you can't make your mortgage payment now, how will another payment help you?
If this describes your situation, you should not delay. But, at the same time, you need to act very carefully. Do not contact your lender until you have found out everything about the application guidelines and what is required. Prepare all your information accordingly, gather your documentation, and then contact your lender. You can only apply once under this program, so you need every advantage you can get.
So, basically, you need to act quickly, but carefully and thoughtfully. You can expect some time delays in the application process, also. You can expect time delays in just getting a phone call through. And, once the process is started, you will most likely experience more delays. The response to this federal program has been overwhelming, and the banks were not prepared. President Obama has asked that they increase their staffing to accommodate the homeowners who are desperately seeking help in avoiding foreclosure.

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