Friday, June 26, 2009

Obama’s Loan Modification Plan - Helping You Escape the Jaws of Foreclosure

Many homeowners tremble at the thought of losing their homes. Not everyone can avoid foreclosure and those who do, sometimes can't help getting in financial difficulties. Obama’s loan modification plan has spread some hope over the entire country, particularly to those who were at risk of foreclosure. The plan is to prevent foreclosure from happening.

The whole purpose of the loan modification plan is to make mortgage payments affordable, regardless of the income of the borrower. The initiative is mainly aimed at those who are at risk of foreclosure, and the specifics are still in development. There is a lot of frustration where one of the eligibility criteria is concerned, meaning the fact that one has to have a loan at Fannie Mae or Freddie Mac. This subject has been discussed over and over again, and solutions are being put forward for consideration constantly.

If you find yourself unable to meet mortgage payments and you are scared about a potential foreclosure process, then you should definitely go ahead and find out more details about the loan modification program that President Obama has proposed. One of its greatest benefits is that the interest rate is reduced to as low as 2% but homeowners are also enticed with its many other advantages. Lenders support the loan modification program, and they are prepared to negotiate with borrowers and to agree on a new payment schedule. Faithful payers equal monetary incentives for the lenders, so one can certainly understand where the desire to participate comes from.

It is not only the lenders who receive cash incentives for taking part in the program but also the borrowers, who are given the sum of one thousand dollars per year, for a period of five years. This sum is appreciated by many borrowers, who are thus encouraged to take part in the program.

You too can qualify for Obama’s loan modification plan, but you will have to talk to the lender about the specifics of the program. Don’t jump to the conclusion that you are not a suitable candidate for the loan modification plan and contact your lender. Discuss your options, show that you are determined to pay and, who knows, you might be given a second chance. Don’t hesitate to get into the loan modification program and stay away from speculators who are trying to trick you on false premises. You might be surprised at the number of people who want to take a wrongful advantage of this program.


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