www.umoveon.com - Loan Modifications are a key part of President Obama's long awaited Program to Rescue Homeowners who want to avoid foreclosure. The details of the plan were finally released 3/4/2009. Who is eligible? How does it work? Do you qualify? The plan actually has 2 main parts. The first is a refinancing program for eligible homeowners who may qualify to have their mortgage rate lowered to as little as 2.00%. To qualify, the loan must be owned or guaranteed by either FannieMae or FreddieMac. This report will tell you how to find out if you qualify. Another requirement for this refinancing program is that the loan balance cannot exceed 105% of the properties' current market value. There ae many other requirements which are summarized in the following article. The other part of Obama's new program allows for a Loan Modification which can drastically lower the interest rate and monthly mortgage payment. To be eligible, the lender(s) must agree to voluntarily participate. There must be a documented financial hardship. Homeowners can be past due and even in foreclosure if they meet all other requirements which the following article also discusses. Read on...readmore..
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