The
Obama
Loan Modification is actually
called the Home Affordable Modification Program. This
program was created to help homeowners obtain loan modifications by
giving lenders government incentives to do so.
If you are qualified, this program may help you to lower your mortgage
principal, lower your monthly mortgage payments and lower your interest
rate.
To find out if you
qualify, answer these questions:
1.
Is your home your primary residence?
2.
Is the amount you owe on your first mortgage equal to or less than
$729,750?
3.
Are you having trouble paying your mortgage?
For
example, have you had a significant increase in your mortgage payment
OR reduction in your income since you got your current loan OR have you
suffered a hardship that has increased your expenses (like medical
bills)?
4.
Did you get your current mortgage before January 1, 2009?
If
you answered yes to any of these questions, you should definitely try
to take advantage of the Obama Loan Modification program. Not
only will it lower your payments, but it may also save your home.
It
can be difficult to obtain a loan modification under these guidelines.
If you would like assistance in getting approved for this
program, you can read reviews of the top
Loan Modification Companies and
even find out how to view a free Obama Loan Modification customized
report built just for you.