LendingTree has obtained screen shots of a trial version of Google’s service that further indicate that it plans to “provide customers with conditional loan offers in addition to lenders’ contact information.”

Google declines to comment on the suit or on its product plans, and provides only this statement: “We’re constantly looking for new ways to help people find what they are looking for on the Internet. As part of that effort, we are currently working on a small ad unit test that will run against a limited number of mortgage-related search queries in the U.S.”

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Advantage of this “Home Affordability Plan” from Obama:

• The amount remaining on the mortgage must be  less than $729,500
• The home mortgage must have been closed on and finalized before January 1st 2009.
• The homeowner must use the house to be refinanced as a primary residence.
• Your income levels must be verified through the use of tax returns or pay stubs
• A letter of “Financial Hardship” handwritten and signed by you is needed. This can be a loss of income, job, high medical bills or other expenses leading to your financial hardship.
• The homeowner must agree to get credit counseling if monthly debts, including the mortgage, exceed 55% of the homeowner’s gross monthly income.

After Obama’s plan, the bank or mortgage lender can lower your monthly mortgage payment to 31% of your gross monthly income. Home interest rates can go as low up to 2% in order to meet guidelines given by President Obama. Now homeowners will not have to pay any fees for home loan modification as it was done by them only but now Government will pay this as part of the mortgage bailout plan. The bank or mortgage lender has the option of setting up a balloon mortgage payments end if the monthly payments were too low. Any balloon payments will have to be paid off in full should the homeowner want to sell or again refinance their property Incentive plans are in place, backed by the government, which will gradually reduce the homeowner’s principal over the course of 5 years, up to a maximum of $5,000, for making mortgage payments on time. The mortgage interest rates are adjustable after a 5 year period. The low 2% and 4.5% mortgage interest rates are temporary fixes to help homeowners get out of their financial problems.

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