by John Roney
With the grueling, bloody battle over the state of the nation's healthcare drawing to a close, the <a href="http://obamamortgagereliefplanqualifications.com/mortgage-legislation/obama-refinance-mortgage-plan-2010/">Obama refinance mortgage plan 2010</a> . Administration is changing its focus back to the economy and the country's housing market. The proposal on the table is yet another loan modification program, designed to reduce mortgage payments for homeowners. Given the failure of the previous program to reach even a small fraction of its 3-4 million qualified mortgages, it is a much-needed change.
So, instead of a wide ranging effort to assist everyone, he has decided to focus on helping "deserving homeowners" stop foreclosure. How do you know if you fall in the category of a "deserving homeowner"? Two main factors will be considered. First, you have been responsible about maintaining a good payment history. Second, you are paying about 35% of your income toward mortgage payments. If you fit these conditions, you may be eligible for help. Help will be in the form of refinancing mortgage payments. He hopes to get lenders on board by offering them incentives if they help homeowners who are on the verge of foreclosure.
Since subprime loans are responsible for much of the foreclosure problem, the planned incentives will have the government pay at least part of the difference between old and new monthly mortgage payments. To take part in the incentive program, lenders have to agree to set up payments so they don't exceed 31% of the borrower's income. This alone is expected to help as many as 4 million homeowners.
One final point of advice: with all these loan modification programs and the frustration surrounding them, a cottage industry of "loan modification representatives" is springing up all over the internet. Some are legitimate, some are not. In general, professional directories can help steer you towards the legitimate businessmen, but exercise caution even then.
If you think you may be eligible for assistance under President Obama's plan, you may want to get in touch with your lender. If they will be participating in the incentive program, you just may be able to stop foreclosure on your home.
Learn more about <a href="http://ObamaMortgageReliefPlanQualifications.com">Obama Mortgage Relief Plan Qualifications</a>.
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New Unique Article!
Title: Obama Home Assistance Program: Real Estate Home Owners - Can You Benefit?
Author: John Roney
Email: support@apprenticepress.com
Keywords: Obama Home Assistance Program,loan modification,loan modification process,home affordability.obama
Word Count: 353
Category: Mortgage
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