Obama Recovery Program - A Federal Loan Modification Plan Can Save Your Home


The poor state in which the United States economy is in has had many far reaching consequences for many people in the US as well as around the globe.

Part of the economic fallout has been a increasing number of home owners that have actually had to foreclose on their homes due to the loss of a job as well as a out of control "balloon" mortgage not to mention the drop in the current real estate and property values making it even more difficult to get a loan due to the more stringent loan rules.

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To help the situation the US government has started a loan modification bailout program with many large lending companies. Now as a second part of their plan they are working on helping the average home owner by giving them the bailout they need to keep their homes through these tough economic times with the Obama loan modification program.

While there are several parts of this plan to help people out, one of the most significant is the home loan modification portion. Here is some information you may find beneficial for your own situation.

This plan has been designed to help out struggling home owners get relief through home loan modification, lowering out of control mortgage rates and make them easier for the struggling homeowner to keep up with.

There are two basic rules to the new program. To put it simply you can.

#1 Not be made to pay monthly mortgage payments that use up more then 31% of your total monthly income. this will make the loan affordable for now and the future so you do not run into further problems.

#2 Those homeowners who have had their property values decreased below what they currently owe and have got their loan through Fannie May or Freddie Mac can refinance their home loan or mortgage for the new, lower property value not exceeding 105% of the current market value.

Now, in order for you to even quality for this form of help through the government you need to go through and actually verify that you are currently experiencing one or more of the listed types of hardships given below. They include:

1. The loss of employment.
2. Your home is 100% financed.
3. Negative equity, meaning a loan larger than the value of your property.
4. A recent death in the family resulting in financial hardship.
5. Unexpected, extensive home repairs resulting in financial problems.
6. Delayed or late mortgage payments for reasons out of your control.
7. serious, debilitating illness, affecting your ability to pay your loan.

If you find yourself in any one of those positions then you need to make it known to your lender. From there proof will have to be provided from you in one of several different ways depending on your situation to start the loam modification process. They will then need and review the following.

1. A complete financial report showing detailed information about your current situation and how you and your family are at high risk of losing your home if help is not received via a lowering of your monthly mortgage payments.

2. Detailed breakdown of your monthly expenses for your household. Everything from utilities, food costs and even insurance premiums are figured into this number.

3. A letter explaining the level of financial hardship your family and you are experiencing. This will include information as to the type of hardship your family is experiencing as well as how the loan modification will help you and your family through this rough time.

4. Detailed bank records on any saving accounts, checking accounts or any other bank statements.

5. Copies of your W2 forms as well as some of your current payroll stubs as proof of income.

While this process may take some time for you to go through the help it can provide you and your family with can quite literally keep a roof over your heads. The government is more then willing to assist people through these tough economic times to help the economy recover more quickly.

You need to take the time and put in the effort as quickly as possible to get the process moving so that you can get your hands on some much needed government assistance and save your home.


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