Lower Your Payments Using the Federal Loan Modification Program - Obama's New Modification Program

By: Lindsy Emery

There are two big reasons that you should apply to the Federal loan modification program if you need the help and if you qualify. The first one is to help yourself and your family. The second one is to help America. Let us expand on that.

This program offers lower monthly payments for which the government pays a percentage of. Your new payment amount as calculated by the institute will not reach to more than 38% of your gross monthly income. The percentage that the government takes will reduce it to not exceed 31%. This is not to mention the reduced interest rate by two percent. The government will also pay $1000 of your principle amount every year starting after you make that third modified payment. At the same time, you payment schedule will also be lengthened which is determined by the amount of the monthly payment in relation to your whole balance. There are loads of savings for you.

The second reason to apply is that the more Americans who take part in this program, the faster the housing market will be repaired. When more people are able to keep their homes, the market will become more stable. In fact, because of the extra money flowing into the economy, the whole of the United States financial concerns will be a little better.

For these two reasons this program should be taken full advantage of. Anyone who fits the qualifications should apply. If you are successful, it can only bring hope and satisfaction back into your life.

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For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: MortgageModificationLoan.net/

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