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Are you eligible for a mortgage modification loan? Understanding Obama’s Affordability Plan can help

Are you eligible for a mortgage modification loan?  Understanding Obama’s Affordability Plan can help

Are you eligible for a mortgage modification loan? Understanding Obama’s Affordability Plan can help

Last year, when Obama announced the Home Affordable Plan, many homeowners were confused by the magnitude of its rules and their implications. It was quite confusing for many of them as understanding the whole process was a task in itself. But the plan is pretty simple if you take the time to understand it. The affordability plan is a great way to stop foreclosure on your home if you’re having trouble making your monthly mortgage payments. Most people have been hit hard by the recession and this is a great way to avoid having to let your home go.

There are some rules that are necessary to be applicable to the mortgage modification loan program. For example, the first rule says that the mortgage must be on the first home and not on a second home or vacation spot. The mortgage should be on the house where you live. There are many other rules as well. The plan states that the loan taken out for the main residence should have been taken out before January 1, 2009. All loans taken out for the main residence after the start of the current year are not applicable for onerous purposes. Another important eligibility criteria is that the maximum loan amount must be $729,750. The monthly installments you pay must be more than 31% of your gross monthly income. If you meet all of these criteria, you can fill out a mortgage modification loan application.

This ambitious plan has a total budget of $75 billion and is expected to help 4 to 5 million people across America. This plan was a desperate response to the situation in America which shows a 46% increase in foreclosure risks in 2009 since 2008.

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