Amazing new stimulus programs now enable millions of homeowners to get a mortgage modification. This is all possible because of President Obamas “Making Home Affordable” housing bailout plan. This plan enables many people to lower their monthly home loan payment, save money, or prevent their home from being lost to foreclosure or default. Here are some things homeowners should know about getting a mortgage modification with the Obamas stimulus plan.

Getting a mortgage modification has long been a great option for many homeowners who have gone through financial changes. Some homeowners just want t o reduce the length of their home loan, and save money on interest payments. However, especially these days, many people need to get a mortgage modification to save money or prevent their home from being lost.

This mortgage stimulus program from Obama makes these new mortgage modification options possible. Over $75 billion is being pumped into the housing market to stabilize housing prices, and generate market activity. This money is also being used to give incentives to mortgage lenders and banks who are participating in Obamas program. Whenever an approved lender or bank offers a mortgage modification option to a struggling homeowner that follows the stimulus plans rules, they receive a cash incentive.

Most every home loan modification will start with a trial phase. Whether or not you get a mortgage modification with the Obama stimulus plan, this trial phase is usually necessary. During this period, homeowners have the chance to gather the need information and paperwork, any pending foreclosures are paused, and the mortgage lender or bank will evaluate if you are able to make the new home loan payment before your mortgage modification becomes permanent. This phase is a requirement from the Obama plan to help ensure that homeowners do not get themselves into the same situation in the future, and that the monthly mortgage payments are actually affordable.

Homeowners who want to use this program for themselves need to contact a mortgage lender or bank who is participating in the Obama stimulus program. Ask how getting a mortgage modification with Obamas housing bailout plan can help you save money, and prevent your home from being lost. There has never been a program this big that has the potential to help so many people. Literally millions of people are eligible to use this program for themselves. Do not let your home get taken away from you. Do not keep paying more money than you have to every month to keep you home. Get a mortgage modification with the Obama “Making Home Affordable” plan and secure home, and your personal financial future.

-M Petrone

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