Requirements for President Obama’s mortgage modification plan include:

• Must demonstrate a lack of ability to pay current mortgage.  Borrower’s retirement accounts will NOT be factored into ability to pay metrics.
• Must demonstrate a drop in income or increase in payment.  Every borrower seeking modification will be screened.
• Borrowers seeking a modification do NOT need to be delinquent in order to qualify.
• Borrowers with high total debt may be required to enter government-certified debt counseling.
• The mortgage must have originated prior to Jan 1, 2009.  The home must be occupied by the owner and must be a primary residence.  The home must be a 1-4 unit family dwelling.
• Loans have upper limits; single-family homes must carry no more debt than $729,750.
• Borrowers seeking to have their mortgages modified will incur no cost to have their mortgage modified.  Applications for modification will be accepted until Dec 31, 2012.
• There is no minimum or maximum loan-to-value ratio.
• Bankruptcy is NOT an automatic elimination; qualification for modification does NOT waive the legal rights of borrowers who are in litigation.
• Foreclosure actions are temporarily suspended while borrowers are evaluated for inclusion in the program.
• Eligibility for the program ends at the end of three years.