| President Obama's home loan modification program is | | | | you can pay the loan or not as long as they get their |
| available to help owners who face foreclosure or who | | | | fee. |
| fear they are going to default on their mortgage | | | | #2 Lenders in this loan modification program will still let |
| payments now or in the future. | | | | you take part if the value of your property is less than |
| Even though the administration has put aside $75 billion | | | | your mortgage. Many people are in this situation |
| most of this is for the lenders who are part of this | | | | because of the economic collapse. |
| program to cover their costs and any shortfall | | | | As long as the financial problems you face are not |
| between the value of your property and your | | | | your fault you can take part in this program. If you are |
| mortgage. | | | | finding it hard to pay your home loan because of job |
| If you need to modify your loan make sure you use a | | | | loss in the family, divorce or for similar reasons you |
| lender that is part of this program for several reasons. | | | | can participate. Even if you are already behind with |
| #1 They will limit the interest rate to 2% and extend | | | | your payments it is not too late. You can still qualify. |
| the mortgage to as far as 40 years to make sure you | | | | If you are behind with your payments or think you will |
| can afford the payments. Lenders outside the | | | | be take action now. Do not wait until you face |
| program charge much higher rates and do not care if | | | | foreclosure and leave it too late. |