Home Stimulus Package - Avoid Foreclosure With Obama's Federal Assistance Program

April 13, 2010 - PRLog -- However, if you have been finding it increasingly hard to pay your monthly rate, you might be able to take advantage of the new home stimulus package, Obama’s federal assistance program. This program was designed to help homeowners avoid the heavy and detrimental experience of foreclosure by giving them a mortgage that is manageable through refinance.

Hector Milla Editor of the "Stop Foreclosure Loans" website -- http://www.StopForeclosureLoans.org -- pointed out;


“…There are several things that you can do to determine if you can qualify for this program. If you are living in the home that you need to refinance and it is your primary residence, you have a good chance of qualifying for this plan. Another factor that can determine your qualification is whether or not you have experienced any hardship of the last couple of months that could affect your payment. This hardship could be a job loss or a loss of income because of an injury. If you have experienced a lay off or increased debt because of medical bills you may also qualify for this program…”  

One of the factors that lenders look at is your total monthly income. If your mortgage exceeds thirty one percent of your total monthly income, you could be a great candidate for this home stimulus package. Your lender will also look at your total monthly bills and all of your debts. This will include student loans, medical bills, and your car loans. Your credit is a big factor. Because of this, you should know your credit score confidently when applying for this plan.

The home stimulus package is only effective for people with solid payment history on their mortgage. If you have a solid payment history and you took your loan out before January 1, 2009, then you could qualify this program. Get all of your income take information together before you contact your lender. You will need tax returns, your W2s, and all of your credit card statements. Convincing your lender that you need to participate in this program is key.

“…Nobody wants to see their home go into foreclosure. Make sure that you are doing your best to keep your payments up to date and your credit score high. This home stimulus package is great for the consumer and can allow them to keep their homes through a lower mortgage payment and a lower interest rate…” added H. Milla.

Further information about how to get professional assistance with a mortgage loan modification by http://www.StopForeclosureLoans.org