President Obama has introduced the Homeowner Affordability and Stability Plan which will save 7 million families from foreclosure. The program is an incredible $75 billion and here is what you need to do to get your piece of the federal bailout.

Are you Eligible for the Homeowner Affordability and Stability Plan

If you follow these guilines there is a good chance you will qualify, however even if you cant answer yes to all the questions below a loan modification will still help you save your house and stop foreclosure.
1. You must be able to provide evidence of your income
2. Obama’s loan modification incentives are not available on a second mortgage
3. Your mortgage payments must be more than 31% of your gross income
4. You must be currently living in your house
5. Your mortgage cannot be greater than approximately $500,000 (this will depend on the area you live in)

The Homeowner Affordability and Stability Plan came into effect on March 4, 2009

With Obama’s Homeowner Affordability and Stability Plan you will be able to:

1. Lower your principal balance!

2. Reduce the interest rate!

3. Change your expensive ARM into a fixed 4.5% rate!

5. Receive up to $5000 for making your modified payments on time!

5. Remove late fees and charges!

6. Stop The Foreclosure Process!

How to Apply:

With the new plan time is important and a luxury you don’t have, the sooner the loan modification process is begun the better your chances are of success. Since the inception of this plan on March 4, 09 there have been millions of people applying, therefore it is essential that when you apply you have all your documents prepared so that your application gets moved through quickly. Loan modifications are free and the best way to stop foreclosure.

To ensure you have all your critical documents prepared correctly you can use the Complete Loan Modification Kit which provides an extensive, easy to read guide and provides all document templates and checklists you will need to save your home!

Click here to go back to the home page and read more about Obama’s Loan Modification Program