Only 10,000 or so homeowners have gotten a mortgage modification last fall under President Obamas mortgage bailout stimulus programs. It is being reported that homeowners are only having a little success using and benefiting from Obamas stimulus. It is said that most of the issues are from homeowners not returning, or having, the necessary paperwork.

While the stimulus program was designed to help millions of people, only a tiny percentage of that estimate has come true. So far, out of an available $75 billion, only $2.3 million has been spent. This means that there is plenty of money and help still available for homeowners who can get the right paperwork together.

As of writing this, around 14% of all mortgage holders are said to be late on their payments, or already in foreclosure. As unemployment and a tough housing marker continue, that rate will only increase. However it does not have to if homeowners would just know what they need to do in order to avoid losing their home, and use the Presidents stimulus for themselves.

This program from the Obama administration can offer a homeowner benefits like low interest rates, and easy qualification requirements. If a homeowner uses this plan, they must do a few things to make the mortgage modification a permanent one. If they are able to successfully make 3 months worth of payments, and complete and return the right paperwork, the temporary mortgage modification from the Obama plan will become permanent. This will truly help homeowners avoid foreclosure, save money, and improve their overall financial situation.

While it does not seem like it, using this plan is easy. Contact your mortgage lender or bank and ask what you need to successfully use this program from Obama to permanently improve your mortgage through a modification. Make sure you know what requirements and paperwork you need, and use this plan for yourself.

-M Petrone

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