Obama's Government Helps to Prevent Home Foreclosures with a Federal Loan Modification Program

By: Lindsy Emery

The Federal Government is trying another solution for its slumping housing market. There have been millions of property foreclosures since the start of the crisis and Obama has decided that it's time to do something about it. He has decided to put a loan modification program into affect to slow these foreclosures down. The government has invested $75 billion dollars into this program to help between five and six million families keep their homes.

There are various rules and eligibility criteria that you need to meet in order to qualify. The loan that you are applying to have modified must be on your primary residence, and it must have been taken out prior to January of 2009. If it is a one-unit home, then the amount owing cannot exceed $729,250. On homes that have more units, the amount will be higher. You need to prove that you are experiencing financial hardship or will be soon by providing documentation of income or of expected loss of income. The benefits of this program include lower monthly payments, reduced interest, and deductions from the principle amount each year.

To find information concerning the details of the application process, you can find it on the United States Federal Government website. They include all of the qualification requirements and benefits of applying. If you are searching online for facts concerning this, be aware of anyone trying to sell you information whether through subscriptions or e-books. First, the information may be biased, and second, you can find all of the necessary information and application forms for free. Since some of the information out there is contradictory it is safer to scout the government site and save yourself the hassle.

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***Update*** I have done a bit of research for you. These loan modification experts can help you. You can find out if you would qualify for a modification loan for free! Don't wait; your home could depend upon it! Take the first steps to saving your home today! You will be thankful tomorrow! There is hope, click here to fill out a short form to save your home! You will be matched with a qualified loan modification specialist.

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