There are up to five million people in the United States who may have their homes saved through the new loan modification program created by the Federal Government. Obama has put 75 billion dollars into this program to prevent these homes from going into foreclosure.
That being said, there are also skeptics who believe that the same thing will happen with this program as the other similar ones being that over half of the houses were still taken back by the financial institute. However, changes have been made to make it more plausible and hopefully it will have the right effect this time. They are basing this program around the assumption that if people can afford their houses then they will stay in them.
To qualify for this program, the loan must be older than January of 2009, and it must be on the primary residence of the homeowner. There must be proof of great financial hardship and the inability to pay the regular monthly mortgage payments. Not only this, but the principle amount owing cannot be over $730,000 for one-unit homes. There may be other options for those with 2-4 units.
Once approved, and after making three months of these modified payments, there will be $1000 taken off of the principle each year that the homeowner is participating in this program. For those institutions that are involved, they will receive that amount from the government instead. This is one of the incentives for them to be involved as they will win more in the end if they can keep more homeowners within this program.
For both parties involved, there are advantages, but the real beneficiary is the family that gets to keep their home. Who knows, that next person could be you!
***Update***
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