Obama's Foreclosure Plan

One of the biggest questions coming out of the new Obama Foreclosure Plan today, revolves around eligibility! How do you know if you qualify for help under the new housing plan? In this post, we take a look at the key talking points and how they affect you.

Prepare Yourself for the Foreclosure Eligibility Test

Being prepared will save you alot of time and effort in finding the right answers! In order to prepare yourself, you should have the following information in hand, when you call your lender on March 4th for assistance:

• You need your current paystubs from all members of your home who will be involved in the loan process. If you are unemployed, ask the your local unemployment office for a print out.
• You must have most recent income tax return. However, having the previous three years will also help with deeper questions your lender may have.
• If you have a second mortgages or an equity line of credit on the home, find all your loan documentation and have it in hand.
• Credit card statements on ALL credit accounts, as well as the monthly payments you make on them.
• Payments made on other loans like Student Loans, Cap Payments, etc.

After you have all documentation in hand, its time to call your lender and find out if you quality for Foreclosure Eligibility.