If you are facing foreclosure and think you have no options, a loan modification may provide you a second chance for staying in your home. Before you give up, you should investigate the possibility.
President Obama has allocated 75 billion dollars for a Loan Modification program as part of the 2009 Stimulus Package. Millions of qualified homeowners like you who are struggling with a mortgage they can no longer afford will receive a reworked mortgage with a lower payment.
The banks and lenders who are approved to participate in this federal program receive a financial incentive of $1000.00 for each existing loan they modify. So, they are a little more motivated than usual to help you avoid foreclosure. Of course, foreclosure is never a positive thing for the homeowner or the lender, but in this economic market, it is more undesirable. After the bank forecloses, a home could sit vacant for a very long time.
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