It’s no secret that the housing market is facing the worst crisis in American history. Since the housing market has plummeted President Obama has developed a home modification program to help struggling homeowners. Homeowners who are in danger of foreclosure or on the verge of defaulting on their mortgage will benefit from this new mortgage modification plan.

There has been $75 billon of government money set aside to help homeowners; the majority of it is going to the lenders that are part of the program. The money is covering their costs when they approve a high-risk borrower and to cover the difference of your mortgage loan and the actual value of your property.

When considering refinancing or modifying your current home loan there are a few reasons to use lenders that are a part of this program. Here are some of those reasons:

1. First reason to go with a lender that is a part of President Obama’s mortgage program is the lender will limit the interest charged to 2%. These lenders will also extend the length of the loan to as long as 40 years. They do this to ensure you can afford your new monthly mortgage with no problem. Lenders who do not participate in this mortgage modification program will absolutely charge higher rates and will not have any incentives to help, they will only worry about collecting their fee.

2. Using a lender in this program will also be beneficial because you can still participate even if you owe more than your homes is valued at. This is a common problem for people due to the house market crash.

Those facing foreclosure and any other financial hardships are eligible to participate in this mortgage modification program as long as the cause was out of your control. Reasons that are considered out of your control are unexpected medical emergencies, decrease or loss of income or reasons similar to these listed. If you meet one or more of these reasons you are eligible to take part in this program. If you have already fallen behind don’t lose hope it is definitely not to late, it is still possible to qualify for the program.

If you are like thousands of other American homeowners and are falling behind on you mortgage payments and are in danger of foreclosure don’t waste any more time. Act now apply for President Obama’s new mortgage modification program to help you get back on your feet.

-M Petrone

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