Obama Loan Modification Consumer Protection - Qualifications For Protection - Part 7 of 10

The Obama Loan Modification or Homeowner Affordability and Stability Plan offers protection and hope to billions of homeowners. Before you apply for a mortgage modification make sure you understand what protection is offered.

Full Disclosure: When either just describing or encouraging loan modification, the servicer shall give the debtor information that will aid them in understanding the terms of the modification and the process of modification, and debtors should also be given written information about the costs, terms, and risks of modification that is clear and concise. This should be given in a timely manner as to allow debtors to make an informed decision.

Fair Lending: Modifications under the plan must abide by the Equal Credit Opportunity Act and the Fair Housing Act, both of which do not allow discrimination on a prohibited basis connecting to mortgage transactions. Loan modification plans are subject to fair lending laws, and both servicers and lenders should make sure debtors are being treated equally when it comes to mortgage modification.

Consumer Complaints and Questions: Servicers should have a system to answer complaints and questions regarding loan modification timely and appropriately, and that every question and complaint is taken seriously and answered appropriately.

This protection will ensure that you and your family are not treated unfairly and can receive the full benefits a mortgage modification.

Loan Modification Benefits to You and Your Family:

If you apply and receive a mortgage modification with Obama's Homeowner Affordability and Stability plan you could receive:

1. Up to $5000 in incentives helping you stay motivated to stay current with your modified mortgage 2. A fixed rate plan lowering your high adjustable rate mortgage. 3. Forgiveness for all charges and late fees 4. A lower principal balance 5. A Saved Home, and All Foreclosure Proceeding Stopped!

To continue learning how the Obama Loan Modification Plan can benefit you, you can start at Part 1 of this series.

Obama Loan Modification Monitoring - Protect Yourself From Fraud - Part 8 of 10

Do You Qualify and How to Apply:

To see if you qualify and learn how to apply for Obama Loan Modification and learn how to apply you can visit:

http://www.obama-loanmodification.com

By Frank Stevenson

Which provides you with valuable resources including:
- Top 10 most frequently asked questions about the program
- Up to date guidelines on if you qualify
- Insider tips
- FREE sample hardship letter

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