Obama's Loan Modification Program Can Help You If You Are Struggling to Pay Your Home Loan

President Obama's new loan modification program, the Home Affordability Program (HAP) has been enacted to help the millions of American homeowners who are currently facing foreclosure and seizure of their homes by the banks that hold their mortgages.

Contrary to popular belief, this program also helps those who are stuck in mortgages that are more than what their property is currently worth and the government is making sure if you are in this position you will get help.

One of the common questions people ask is this: If my mortgage is bigger than the value of my home my lender will not modify the loan because they will make a loss. How can other lenders do this?

The answer is that lenders who are part of the Obama loan modification bailout program are subsidized by the government and any loss they incur is covered.

If you are months behind in paying your adjustable rate mortgage, HAP can help you by converting it into a fixed rate mortgage with consistent monthly payments and lower interest. The government is working in partnership with private lenders to help people apply for a HAP. This collaboration is ensuring that homeowners never face this situation again.

The application process for the program is designed to help you get assistance in a reasonable amount of time without filling out miles of paperwork to get it. The time it takes to apply with a reputable and qualified lender is worth the peace of mind knowing you will be able to remain in your home if you are facing foreclosure or having trouble making ends meet, month after month.

The consequences of a foreclosure action go further than just losing your home. It also tarnishes your credit, making it nearly impossible to secure a job or lease an apartment. Take the time to find a lender who will help you and apply for the home affordability program and take advantage of the help being offered by the government.

There is nothing for you to lose and you can save your home just by taking action.

If you want to save your home here is the best place to avoid bank foreclosure just click here

Article Source: http://EzineArticles.com/?expert=Jake_Randell