The Obama Mortgage Plan – Are You Close to Losing Your Home?

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Due to the recession, there has been a long period of unemployment, which has caused many families to live in fear of losing their homes. There are many other factors that can also lead to financial distress. Many Americans have been put in a situation where they can not make their mortgage payments.What many people do not realize, is that the $75 Billion that was released from Congress can also help to keep you from foreclosure. This created a program call the Obama mortgage plan that began to give incentives to banks to help you keep your home from foreclosure.Fact: Assistance is available to save your home through the Obama mortgage plan. The government is aware of the problems that so many people are experiencing. There have been billions of dollars set aside to assist homeowners in making their mortgage payments.Fact: Banks are now getting incentives to help you from going into foreclosure with your home.Fact: After congress released stimulus money to bail American out, many people have been able to keep their homes out of foreclosure.Why do American’ s have a higher chance of keep their homes after the stimulus bill was passed?After Congress released $75 Billion to bail America out in the housing industry, banks were given incentives to encourage them to help you keep your home. This means that the Obama is working to help Americans keep their residence. Hence, the name “The Obama mortgage Plan”.There have been over four million families who have had success through the Obama mortgage stimulus plan. The plan helps people who are living in fear of foreclosure by restructuring loans. Families are able to make their house payments, and can stop worrying about losing their homes.Fact: There is no reason to lose your home when $75 Billion has been spent to help you keep your residence.The Obama mortgage refinance plan is set up to make sure that mortgage payments will not exceed 38% of the homeowners income. Money is available to help reduce payments so that homeowners can also pay other bills and keep food on the table. These reductions can last for up to five years.There are private American companies that are joining the effort to help, by making legal assistance available for those who need it. If you are a financially concerned US citizen, you should take advantage the great opportunities available to help you save your home from foreclosure.