Can President Obama's New Plan help Save Your Home?

Can President Obama's New Plan help Save Your Home?

In an effort to battle the foreclosure crisis and reduce the number of homes facing foreclosure, President Obama's administration announced the 2009 Obama Mortgage Loan Modification Plan.

The Obama mortgage refinance plan was unveiled to help 9 million homeowners on the verge of foreclosure. The plan includes $75 billion to cut the mortgage payments of qualified homeowners.

Under the Obama mortgage refinance plan, struggling borrowers can stay in their homes as long as they can meet their monthly payment, even if their home value declines. The government would also help bring mortgage payments down to no more than 31 percent of the borrower's monthly income.

This includes reducing interest rates to as low as 2% and/or extending the life of the loan to 40 years.

For more information about the Obama Mortgage Loan Modification Plan, to see if you qualify for loan modification under the Obama Mortgage Loan Modification Plan, or to speak with a qualified loan modification attorney about how you can avoid foreclosure, contact Attorney Search Network today.

If you have any questions about the information provided above, please contact Attorney Search Network.

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