Obama Mortgage Plan Requirements

CNN has a good explaination in this story. It basically says that in order to quality for the mortgage modification plan one needs to meet the following requirements.

To participate in the loan modification plan, borrowers must:

* have obtained their mortgage before Jan. 1, 2009;
* have a primary mortgage of less than $729,500;
* live in the property;
* fully document their income by providing tax returns and pay stubs;
* sign a statement of financial hardship; and
* go for counseling if their total household debt - including auto loans, credit cards and alimony - totals more than 55% of their income.

This is what HUD has reported on the home mortgage modification.

Obama administration outlines mortgage plan for responsible homeowners
"Two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan," HUD Secretary Shaun Donovan said. "This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America's housing market and homeowners. This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans."