How to Assist Your Foreclosure Procedure With Obama's Foreclosure Program by Jill Borash

In March of 2009, President Obama unveiled a program to assist home owners who are facing foreclosure. The bad news: if you are a real estate investor and one of your holdings is going to be foreclosed on, this plan will not assist you. The good news: if the foreclosure is taking place on a residence that you and your family are living in, this program could assist you. If you are trying to make your payments but have fallen on hard times, this could be exactly the solution for your situation. The really great news: this project will assist up to 9 million home owners. That is good news for anybody who owns a house and has seen foreclosures in their neighborhood.
So if you are in the center of a foreclosure procedure, how can this benefit you? If your loan is owned by Fannie Mae or Freddie Mac, chances are very great that you can realize some assistance. These two titans of the mortgage industry are receiving assistance from this plan, that, in turn means that you can get aid also. These two companies have been provided money under this project solely to help you in continuing in your house.
Not just have the two leading players in the mortgage industry been involved in this program, but incentives for other mortgage companies to aid homeowners has also been included.
One of the great aspects of this project is that you do not have to be in foreclosure in order to take advantage of it. If you are experiencing trouble with your payments and you are close to foreclosure, this program can aid. If more than 31 percent of your income is being spent on your mortgage payment, you can qualify for help under this program.
Another great part of this plan is that if you owe more on your home than what it is currently worth, you can also get help with your foreclosure procedure. Most mortgage companies will not help you refinance if you owe more on your home than what it is worth. This plan is aimed to help those homeowners get refinanced into a loan that they can afford.
In the grand scheme of things, this plan is really about helping out the middle-class house owners who have gotten to the point where paying the mortgage on their home is difficult. If you are in this situation, make a phone call to your mortgage company today to see if Obama's plan can help you.