President Obama's Loan Modification Plan plans to save you and your family from living in the streets when things get too tough to handle. During these hard economic times, millions of American homeowners are in jeopardy of facing foreclosure. But, the top question on everyone's mind is whether a mortgage loan modification plan would work to save you and your home. You need to know more about the Homeowner Affordability and Stability plan to get your loan restructured.
Obama's loan modification plan is worth $75 billion. This large amount aims to provide help in the loan restructuring of non-delinquent borrowers who are having a hard time keeping up with housing mortgages. This new plan has been devised to prevent financially strapped Americans from being unable to continue to pay for their own homes.
A common misconception about a mortgage loan modification company is that you should be a delinquent borrower to avail of the bailout. This is not true. You only need to be able to prove that you are at risk of being unable to pay for future loan payments. You can have your loan restructured if you are directly affected by rising interest rates or if your monthly mortgage payments have been increased drastically to the point where you can no longer handle it.
Although financial lenders are not absolutely required to participate in Obama's loan modification programs, the government is providing them with encouragement to help modify or restructure loans through nice incentives. For example, if your financial lender modifies your loan, then the company will receive $1000. On top of this the lending company will continue to receive $1000 annually if you do not default your loan for the next three years.
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