Obamas Loan Modification Plan - Top 3 Questions

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 Obamas Loan Modification Plan -
         Top 3 Questions
President Barack Obama's Loan Modification
Plan proposes to save you and your family
from living in the streets. During these
hard times, millions of American homeowners
are in danger of facing foreclosure. But,
the top question on everyone's mind is
whether 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
and even receive up to $5000 in extra
incentives to help you come up with the
monthly payments of your home.
Obama's bailout modification plan is worth
$75 billion. This huge amount aims to aid in
the loan restructuring of non-delinquent
borrowers who are having a hard time keeping
up with housing mortgages. The Obama plan is
to prevent financially strapped Americans
from being unable to continue to pay for
their own homes. If you are reading this
article right now, chances are, you need to
read on to help you make the right decisions
as soon as possible.
The following is a brief compilation of
commonly asked questions and answers on the
Obama Loan Bailout.
Top 3 Questions on Obama's Loan Modification
1. How do I know if I am eligible for a
loan modification?
A common misconception about Obama's
modification plan 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 mortgage payments have been
increased drastically.
2. How do I qualify for President Obama's
bailout plan?

You need to be the on the first mortgage of
your primary residence.
 You must currently be paying more than 31%
of your total monthly income to your loan.
 Your loan must break through the loan
standards of Fannie Mae or Freddi Mac.
 Your loan should not be a "jumbo loan."
 You must still be living in your home.
 You must have a job and be able to confirm
how much you are really earning.
3. How can I know if my loan is guaranteed
by either Freddie Mac or Fannie Mae?
President Obama's loan bailout plan provides
a comprehensive list of who can or cannot be
included for loan restructuring. The White
House released these details last March 4,
2009. But, the best way for you to really
know for sure is to go and ask your lender
right away.
Although lenders are not obligated to
participate in Obama's billion modification
plan, the government is encouraging them to
modify or restructure loans through
incentives. For example, if your lender
modifies your loan, the lender company will
receive $1000. And the lender company will
continue to receive $1000 annually if you do
not default your loan for the next three
Submit Your Application for Obama's Loan
Modification Plan Now

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