How to Apply for the Obama's Homeowners Stability program

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By expertelement
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Apply for the Obama's Homeowners Stability program

Figuring out how to get help during hardship times can be difficult for many of us. We may be aware of many programs but do not know where to start. Obama's homeowners stability and affordability program is one of those programs that could help you with your financial crisis.

Difficulty: Moderately Easy

Instructions

Step 1

Think about your financial situation and determine if there has been any changes that have put you in a difficult situation such as a reduction in pay or lost of a job. This is a situation which may be difficult to overcome if your mortgage is high. Obama's Stability and Affordability program could be what you need. The first step is to determine if you qualify. If your gross monthly salary to mortgage payment ratio is more than 31% you may qualify. Action : Calculate your gross monthly salary to mortgage payment ratio.
Step 2

The next step is to speak with your lender. Before you contact them you must have your income information, your income tax returns, your monthly mortgage statement and debt information. Action: speak with your lender.
Step 3

You must then complete an affidavit which can be downloaded at http://www.makinghomeaffordable.gov/docs/hamphardshipaffidavit.pdf. Call your lender and hope for the best. Action: Complete affidavit.