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President Barack Obama’s new mortgage relief plan, unveiled recently, aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes. Still however, the million dollar question continues to linger in the minds of many homeowners. “Will it help me?” Obama’s “Making Home Affordable” program is designed to work with lenders to modify the loan terms for up to 4 million homeowners and to refinance up to 5 million homeowners into more affordable fixed-rate loans. Here are some questions and answers about the latest round of aid for homeowners. A: How do I know if I qualify for the refinancing plan? Q: Only homeowners in good standing whose loans are held by Fannie Mae or Freddie Mac qualify. The property must be owner-occupied and the borrower must have enough income to make payments on the new mortgage debt. Borrowers can’t owe more than 105 percent of their home’s current value on their first mortgage. For example, if your home is worth $200,000, your first mortgage can’t exceed $210,000. Borrowers with a second mortgage still can qualify as long as their first mortgage isn’t more than 105 percent of their home’s value. Homeowners can’t take cash out during the refinancing to pay other debt. Borrowers have until June 2010 to apply for the program. Q: How do I know if my mortgage is owned by Fannie Mae or Freddie Mac? A: Call your current lender or mortgage servicer. You can find the phone number on your monthly mortgage statement or coupon book. You can also contact Fannie Mae at 1-800-7FANNIE and Freddie Mac at 1-800-FREDDIE from 8 a.m. to 8 p.m. EST. Or, go to http://www.fanniemae.com/homeaffordable and http://www.freddiemac.com/avoidforeclosure and fill out the online request forms. Q: What borrowers qualify for the modification program? A: You don’t have to be behind on your mortgage payments to qualify. Delinquent borrowers and current borrowers who are at risk of imminent default are both eligible. The program applies to mortgages made on Jan. 1 or earlier. The mortgage payment including taxes, insurance and homeowners association dues must exceed 31 percent of the borrowers’ gross monthly income. The property must be the homeowner’s primary residence. It can’t be investor-owned, vacant or condemned. Home loans for single-family properties that are worth more than $759,750 don’t qualify. The program is voluntary, relying on a $75 billion subsidy to encourage mortgage companies to participate. Lenders must agree to reduce the loan payments to 38 percent of a borrower’s monthly income. After that, the government and lender split the cost of bringing the payment down to 31 percent. Eligible borrowers will have to provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify for the loan modification program. In the affidavit, applicants will have to cite the reasons behind their financial woes, such as job loss or a drop in income. The government will then take steps to verify the information. Borrowers are only allowed to have their loans modified once. The program runs through Dec. 31, 2012. Q: What if I’m in bankruptcy or in active litigation over my mortgage? A: That doesn’t necessarily keep you from qualifying for the modification program. And borrowers in active litigation can modify their home loans without waiving their legal rights. Q: What do I do to get help? A: For the modification program, call your lender or mortgage servicer to see if you’re eligible. For the refinance program, first find out if your mortgage is held by Fannie Mae or Freddie Mac. Then contact your lender, mortgage servicer or a mortgage broker for refinancing options. Q: How soon can I get help? A: Both the modification and refinancing programs start immediately. Q: What if I don’t qualify for either program – is there any other way to get help with a mortgage? A: Contact your lender or mortgage servicer regarding other modification programs or refinance options. Alternatively, contact a local housing counselor to negotiate with your lender or servicer, to help locate other local resources like rescue grants or loans, or to facilitate a short sale or deed-in-lieu of foreclosure if staying in the home isn’t possible. A short sale is where homeowners sell houses for less than the amount owed on them, and the lender then considers the debt paid off. A deed-in-lieu of foreclosure is where the borrower gives the property to the lender to satisfy a delinquent loan and to avoid foreclosure proceedings. Local housing counselors can be found at the U.S. Department of Housing and Urban Development’s Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. Q: Do FHA, VA or USDA home loans qualify for modifications under the Obama Loan Modification Plan? A: Mortgages backed by the Federal Housing Administration, Veterans Administration or the U.S. Department of Agriculture are being modified under other programs. The Obama Administration and Congress are working on legislation that would allow modifications of these home loans consistent with the Making Home Affordable program.

www.mtgmodadvice.comHome Loan Modification info & advice. Get everything you need to know about Mortgage Loan Modification an Alternative to Foreclosure from Loan Modification Experts. Want more FREE information about the Mortgage Loan Modification process? Simply visit: www.mtgmodadvice.com Every homeowner that is possibly facing foreclosure needs to be equiped with the vital information needed to complete a successful loan modification. Now you can learn about the loan modification process through a series of free videos. www.mtgmodadvice.com Or you can call usl for free loan modification advice at 1-866-208-6325

www.60minuteloanmodification.com –FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the link above to learn more.[Below is an excerpt from a live loan modification teleconference] Ryan This is the Clear Credit Group Mastermind Call. Welcome to our monthly teleconference. We’re here to beat the bank, protect our assets, and clean up our credit for life. Thank you so much for joining us today. I hope you have a pen handy. Monday the 16th we’re offering a very special, free of charge, call-in day. And here’s how it’s going to work. From 12:00 to 4:00 pm on Monday the 16th you can call Mike personally and ask any questions you like about loan modifications, short sales, foreclosures, anything else you need help with. FREE Loan Modification Quickstart CD www.60minuteloanmodification.com

Join us as we walk the audience through the process of fighting for your home from foreclosure. Host Shane Richardson Special Guest Christine Springer MA Want to know if your home is apart of MERS? www.mers-servicerid.org Christine Springer is a paralegal and the founder of Desert Edge Legal Services, LLC, a legal services company based in Scottsdale, Arizona. Christine spent the first ten years of her legal career working in prestigious law firms in both St. Louis and Phoenix, Arizona. In 2007, she founded Desert Edge Legal Services, LLC which served the small business community by forming legal entities and preparing legal documents. Christine began watching the mortgage mess unfold in 2008, when loan modifications became popular. In 2009, she learned how to perform loan audits under the supervision of an attorney and now offers them to clients who are looking for solutions to their mortgage problems. She serves as resource and advocate for homeowners who need help in these troubling economic times. www.foreclosureindustry.com twitter.com desertedgelegal.com www.linkedin.com The Latest total of Donations: paypal balance: $654.65 USD YYYEEEAAA!!!!!! paypal Donation account is shane@theurbansurvivalistshow.com Thank you everyone for contributing to the show. You are truly answered prayers being fulfilled. Thank you, Shane Richardson

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www.mtgmodadvice.comHome Loan Modification info & advice. Get everything you need to know about Mortgage Loan Modification an Alternative to Foreclosure from Loan Modification Experts. Want more FREE information about the Mortgage Loan Modification process? Simply visit: www.mtgmodadvice.com Every homeowner that is possibly facing foreclosure needs to be equiped with the vital information needed to complete a successful loan modification. Now you can learn about the loan modification process through a series of free videos. www.mtgmodadvice.com Or you can call usl for free loan modification advice at 1-866-208-6325

Often times when a homeowner is forced to claim bankruptcy the home is the first asset that is taken away, as it is the most valuable – and if often comes at the highest monthly expense. As this highest monthly expense, there are ways that it can be protected from being seized by creditors, including the lending company who issued the mortgage. Ensure that bankruptcy is filed before the foreclosure noticed has been issued, to avoid foreclosure on the home.