The Obama Loan Modification Program - A Comprehensive Guide to Understanding How You Can Benefit


President Obama has introduced the Homeowners Affordability and Stability Plan to help 7 million Americans get loan modifications. The goal is to help people modify their mortgages and get them reset from high interest ARMs to 4.5% fixed rate.

The U.S. economy is currently experiencing a deep recession. Consumer spending has decreased substantially from where it was normally, 70% of the total economic activity. Excess money that goes beyond the regular monthly payment has also decreased on personal mortgages.

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This has caused an extreme downfall in mass demand in all areas of the economy, also including the mortgage market. Experts say that this current recession ranks as the worst economic trouble since the Great Depression of the 1930s. With this in mind, it is not a surprise that the home market has undergone the worst decline as of the last 25 years. However, hope in the form of Obama's loan modification plan may just be what this country needs.

Hope of a Recovery through Loan Modifications:

Professional financial planners and advisers are still choosing to be optimistic about a U.S. economic recovery in spite of what experts may say. If appropriate standards, like the Obama economic stimulus, are pursued aggressively, then there is the chance of the economy moving forward shortly. Many believe President Barrack Obama's loan loan modification program will be instrumental in helping the economy through the current crisis.

Obama's Election Campaign Propositions:

- Increase government spending
- Reduce tax rates

These and the rate-adjustment standards of the U.S. Federal Reserve may be the very thing needed to stimulate the U.S. out of economic recession.

Results of the Recession:

- Critical credit crisis
- Trying loan markets
- Foreclosure rates spiking
- Climb in unemployment
- New building permits in a lapse

Experts have determined that the root problems of the recession can lead to a decline of 8% in the U.S. Gross Domestic Product (GDP) during this quarter. In spite of their predictions, President Obama has formulated a well-analyzed economic stimulus plan, which can generate a significant stimulus to the economy if appropriately applied in the home market system.

Obama's Home Mortgage Plan:

Stated simply, every person should receive access to a 30-year fixed-rate mortgage with an interest rate of only 4.5%. The current national average is 5.47%. Refinancing would also be made available to current homeowners at the 4.5% interest rate.

Benefits to The Economy:

1. Reducing the interest rate would help individuals to save more money after receiving a loan modification.
2. The money they have saved can now be spent on other items.
3. The money they are spending will now increase the gross demand in the economy.

Benefits of a Loan Modification to You:

Receiving a loan modification under President Obama's Homeowner Affordability and Stability plan will allow you to:

1. Receive a fixed rate plan reducing your high interest adjustable rate mortgage.
2. Get up to $5000 in incentives for staying current on your modified mortgage
3. Low the principal balance
4. Remove charges and late fees
5. Stop the foreclosure process and save your family's home!

How to Qualify and Apply:

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