For People Struggling to Pay Home Loans Obama's Loan Modification Program is An Hope

Jan. 22, 2010 - PRLog -- Many refer to it as Obama’s Loan Modification Plan but officially it’s the Home Affordability Plan or HAP. It addresses one of the most perplexing problems facing homeowners in the current recessionary economy which is finding a loan modification plan that allows them to modify their existing mortgages and bring them into line with the current value of their homes.

Its extremely frustrating for a homeowner to approach their current lender seeking a loan modification plan and be told that there’s no way the lender can consider a modification in the mortgage without losing money which they are unwilling to do. When a home owner hears this they begin to think that their only option may be a foreclosure. Obama’s Loan Modification Plan (http://www.refinanceitt.com/loan-modification/obama's-loan-modification-plan.php) or HAP is targeted specifically at this situation. It can step in and provide the funding to the lender to help cover their losses in rewriting the mortgage.

If you are one of the millions of Americans with an adjustable rate mortgage and as a result have seen your payments skyrocket, this may be an answer for you. Obama’s Loan Modification Plan can help your mortgage holder move you back to a fixed rate mortgage which will save you thousands of dollars. Very importantly, the right loan modification plan can make your home mortgage fit into your income.

It’s important to start the process now and begin making an application for Loan Modification (http://www.refinanceitt.com/loan-modification). As you have learned, working with a mortgage takes time and the sooner you start the better. Not taking action is really not an option. Inaction can lead to foreclosure and every effort should be made to avoid that as an outcome.

Website: http://www.refinanceitt.com

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At RITT we are committed to helping you, our valued customer find solutions for managing your debt effectively during these interesting economic times. Visit Refinanceitt.com to refinance your mortgage, loan modification to save home from foreclosure or car refinancing.