President Obama has declared the 2009 Stimulus Package in order to stop the foreclosures and bankruptcies in US. This program aims at the welfare of the home owners by saving their homes from foreclosures. The keyword of this Program is ‘affordability’ and ‘loan modification’.

Following are some tips on Obama Mortgage Assistance in order to save your property from being foreclosed

· Your mortgage deed must be insured or owned by Freddie Mac and Freddie Mae so as to make you eligible for the mortgage modification or the refinance.

· If your mortgage value exceeds the current market value of the house over 105%, you can apply for the loan modification.

· You can seek for professional help & guidance from the counselors appointed by the US Federal Housing & Urban Development Department (HUD). They would help you free of cost. They would act as your representative in the negotiations with the bank or the mortgage company. They would present your case in the best possible manner. Also they would guide you on managing your finances in future.

· The rates of interest have now been reduced from 6.5% to 5.16%.

· The mortgage monthly payment now can not be higher than 31% of the borrower’s gross monthly income. Also the total of all credit payments taken together can not exceed 55% of the pre tax income.

· The banks and mortgage companies are now willing to hear on the plea of the home owners and help them save their homes. The Federal Government has announced cash incentive of $ 1000 per loan modification & refinance.

· It is now not advisable to approach the private counselors for your dealings with the banks. The third party involvement should be avoided as much as possible.

· You can apply for the loan or refinance through FHA as well.

· You might also apply for the grants & personal loans from the Federal Government to meet your debts and save the home.

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