The current economic state is well below the norm and because of this there are many homeowners in danger of losing their homes to foreclosure. If you are one of the many facing the possibility of foreclosure a mortgage modification loan may be what you have been looking for. President Obama and his administration have created this loan modification program to help the thousands of struggling homeowners. The mortgage modification program has given many homeowners the hope they needed to continue fighting to stay in their home.

Since the rate of foreclosures is at the highest it has ever been, President Obama has enacted a new plan named Tarp II. This plan has been created to help homeowners by setting aside $75 billion that will go towards helping those in danger of foreclosure. Those homeowners who have been making their monthly mortgage payments but have seen their homes value drop will be the first set of people this plan is designed to help. Since there are a large number of foreclosures those homes around them are losing value as well.  This plan is called the Affordable Refinance program that has been created by President Obama and his administration. This plan will help those who have been unable to refinance their current loan because they did not have enough equity built up. You will need to meet a few requirements before you qualify for the program. Your loan must have been authorized by either Fannie Mae or Freddie Mac.

Other requirements include:

1. Home in question must be a primary residence
2. Amount owed on home must be less or equal to the homes actual value
3. Monthly mortgage payments must be current for minimum of 12 months

Those who are and have been current on their payments for the last 12 months will qualify for this Tarp II program; however those who have not been fortunate enough do have options as well. Those who are behind on their payments can look into the Homes Affordable mortgage modification plan. This program is designed to create a more realistic and reasonable monthly payment.  In order to be considered a qualified candidate for this plan you must:

1. Original loan amount should be less or equal to $729,750
2. Home must be a primary residence
3. Currently struggle to make monthly payments
4. Original loan must have been signed on or before January 1, 2009

Both these plans have been created by President Obama to help those homeowners who are struggling and in danger of foreclosure. Even those who do not meet the qualifications needed are not doomed there are other solutions. There are many lenders and banks that can help, there are even options to refinance or modify your loan on your own.  Both of these plans have helped thousands of people are is able to help thousands more. Get back on your feet look into mortgage loan modification or mortgage refinancing to help you keep your home.

-M Petrone

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