| Homeowners having trouble making their mortgage | | | | acceptable reason Once your pass the initial |
| payment may be eligible for a Wilshire Credit | | | | questionnaire, you will be asked to submit an application |
| Corporation loan modification with Obama's | | | | that includes your financial information. You will have to |
| government plan. The lender is one of the approved | | | | prepare a financial statement or budget that details |
| banks who can offer the very aggressive loan terms | | | | your monthly income and expenses. This is very |
| under this federal program. If you are at risk of losing | | | | important-you must prepare your forms correctly so |
| your home, or facing a financial hardship that is causing | | | | that you clearly prove you are a good candidate for a |
| your current mortgage payment to be unaffordable, | | | | loan modification. You should work on this form before |
| find out the details of how this plan works and how | | | | you call the lender-you do not want to be caught off |
| you can apply for help. | | | | guard and unprepared when you have your lender on |
| Wilshire Credit Corporation has signed an agreement | | | | the phone. Take the time to learn the program |
| with the Treasury Department that allows them to | | | | guidelines and work on your forms ahead of time so |
| actually get paid to modify loans using the standard | | | | you can make the necessary adjustments and |
| criteria of the federal program. Each loan that is | | | | increase your chances of approval. |
| successfully modified using this criteria will qualify the | | | | Wilshire Credit Corporation will use the standard |
| bank to receive an incentive payment, that is a big | | | | methods of loan modification set forth by the |
| reason for homeowners to apply now because the | | | | government to lower your mortgage payment to the |
| bank is very motivated to help as many borrowers as | | | | new target payment. First, they will reduce the interest |
| possible stay in their home. | | | | rate to as low as 2%, then they will extend your loan |
| What are the basic requirements for homeowners to | | | | term to 40 years, and finally they may defer or forgive |
| be eligible for this federal plan called Home Affordable | | | | part of the principal balance. The goal is to achieve a |
| Modification? There are 5 basic guidelines you must | | | | new payment that equals just 31% of your gross |
| meet before you can submit your formal application: | | | | monthly income. Your new target payment will be |
| | | | affordable now and in the future, and enable you to be |
| 1. You must live in the home as your principal residence | | | | able to stay in your home. |
| 2. Your loan must have been initiated before January 1, | | | | If you are facing difficulties and at risk of losing your |
| 2009 | | | | home, you need to begin the Wilshire Credit |
| 3. Loan amount must be less than $729,750 | | | | Corporation loan modification process now. This |
| 4. Current payment must equal greater than 31% of | | | | government program enacted by President Obama is |
| your gross monthly income (including your property | | | | available for a limited time and funded by $75 billion in |
| taxes, homeowners insurance and any homeowners | | | | stimulus money. Do not miss your chance for the help |
| dues) | | | | you need and deserve. Make sure you understand |
| 5. You must be facing a financial hardship situation-due | | | | how to apply and qualify so you have the best chance |
| to lower income, greater expenses or other | | | | of success. |