Nobel Peace Prize Winner President Obama’s Loan Modification Brings Peace to Homeowners

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The world was quite surprised when President Obama was awarded the Nobel Peace Prize.  However, millions of homeowners who are facing foreclosure are more excited about the peace that they can get in their lives through Obama’s Loan Modification. 

When you are behind on your house payments, the stress is unbelievable.  You lie down at night and don’t get much sleep.  You toss and turn, trying to come up with a solution to the financial mess in which you have found yourself.  You are terrified of what will happen if you lose your home.  You have your children and their welfare on your mind. 

$75 billions dollars was granted to this program to help homeowners stay in their homes.  President Obama knew that foreclosure was at a rate never before seen in the United States.  If you qualify, you can get a loan that has a  much less monthly house payment.  The amount they target is 31% or less of your gross monthly income, including taxes and insurance.

The banks that are on the approved lender list receive $1000 for each loan that they modify for troubled homeowners.  They are more motivated than ever before to help you work things out.  They also do not profit through foreclosure, under regular conditions.  In this economy, houses can sit quite a long time waiting for another buyer who has financing to purchase it.

Just imagine how much easier things would seem if you didn’t have that big house payment each month.  You could pay your other bills, and you might have money left over to save for unexpected emergencies or long-term goals.

The home must have been purchased on or before January 1, 2009, and it can’t have a loan amount that goes over $729,750.  The backer of the loan has to be either Fannie Mae or Freddie Mac.  The home cannot be a vacation home or rental property, although if you live in one unit, it can be a duplex, triplex, or 4-unit building.

You could very soon have some financial peace in your life, if you are able to obtain a loan modification under President Obama’s program.  Just imagine how well you could sleep!