Saturday, October 17, 2009

Obama's Federal Loan Modification

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ankruptcy is looming in the air and you feel like you can't avoid it. You already know that this will take away all of your credit and it will take at least seven years to even start getting it back. It's not really something that you want to do because living without credit is extremely difficult, but so is making the payments when you have to sacrifice things that your family needs. This is a tough situation to be in. The Federal Government wants to help you out of this situation, but you have to apply for it first. What is it you ask?

It is the Federal loan modification program that Obama has put 75 billion dollars into so that between five and six million families like yours will not lose everything to bankruptcy or your home to foreclosure. The government knows that there are loads of people experiencing the same problem and wants to assist you.

There are some qualifications before being awarded acceptance into the program of course. It all depends on the date of your loan which must be before January 2009. The loan has to be on your primary lived-in residence and can only have a limited amount owing on the principle depending on the type of home. For example, a one-unit home is permitted to have $729,250 owing.

After receiving acceptance, you will have a lower monthly payment that the government will assist you with, a lower interest rate, and a portion on the principle removed every year, also compliments of Obama's crew. The length of terms will depend on the payment amount every month and can be extended to up to 40 years if necessary. To apply, check the Federal Government website.

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