If you are behind on your mortgage payments, the Homeowner Affordability and Stability Plan that was signed into law by the Obama administration does have one feature you need to know about.  The plan was put into place to help people get troubled loans modified.  In order to take advantage of the plan, you would apply for an analysis.  While the bank is analyzing your loan (there are qualifications to meet), any foreclosure proceedings against you must be haulted.  This could give you up to 3 to 4 months as they look over your plan.  With time, you might end up with more options and you might end up with a modified home loan.

I learned of this through my interview with Michael Sichenzia.   He said that it is critical to follow up and make sure that your file is being reviewed.  He also said that it is much tougher to go through this process on your own.  His firm assists homeowners with this process and has a good success rate.  I believe that the price for the service is $ 550.00.  If you want to talk to Micheal about his program and get him to assist you in the entire process, he can be reached at 1-866-596-0337.  If you want to do it on your own, copy and paste the form below, fill  it out, and  fax to your lender.

TRANSMITTAL COVER SHEET

To whom it may concern,

Pursuant to the announcement made on February 18^th, 2009 by President Barack Obama wherein he announced plans to come to the immediate aid of homeowners across America, please accept this correspondence as the above referenced borrower’s formal written request of your company to give their loan and their previous request for loan modification/forbearance an immediate, thorough and careful review for consideration under the President’s “Homeowner Affordability and Stability Plan”, as previously announced. I am a “borrower” that is contemplated under the plan as outlined in the statements made to the public by the president earlier this month.

Additionally, while this file is under review, I respectfully request that any and all foreclosure or pre-foreclosure action be suspended immediately in keeping with the intentions of the plan.

Please contact me at my home telephone number: ___________________if you should require any additional information concerning my request for loan modification/forbearance which is now pending review by your company and set forth specifically in my correspondence to your loss mitigation department(s).

Sincerely,

___________________________

BORROWER’S SIGNATURE