The Loan Modification Calculator - Calculate Your New Mortgage Payment

Want to know how much you could save if you got a loan modification approved? Then all you have to do is use the new loan modification calculator.

Not only will it calculate your new mortgage payment under the Obama Mortgage Plan (HAMP), but it can also tell you if you qualify or not. It's just a few simple questions and you are done!

If you want to go and use the calculator, the link is down below...

Loan modification can help homeowners afford to keep their homes if they are facing a financial hardship. Under the Obama Mortgage Plan, your monthly payments will be capped at 31% of your net monthly income. This is done by reducing the interest rate and legthening the term of your loan. For example, your 30 year loan becomes a 40 year loan.




Principal reduction is also a possibility, but a rare one. You should be more concerned with being able to afford your monthly payments than reducing the balance that you owe.

Loan modification under the Obama Plan can also stop foreclosure. When you are accepted into the program, your mortgage is frozen for 3 months. This gives time to work out the modification. If you are days away from a foreclosure sale, you should delay the foreclosure process immediately by using other means and then go for the Obama Plan.

If you would like to use the loan modification calculator, just visit the links below. It's completely free and only takes a second to use. You will find out if you are a candidate for the Obama Mortgage Plan and also what your payment would be if you qualified.

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Bob Mason

To see if you qualify for a loan modification and to find out what your monthly payment would be if successful, just visit Loan Modification..