Since this recession has left several homeowners on the verge of foreclosure or some have already received a notice for that, President Obama wants to help these homeowners save their houses. The new stimulus package of 2009, popularly known as Obama’s stimulus package has lots of measures that would help homeowners save their houses.
There are different programs under this package like loan modification, home refinancing and new repayments option. It depends upon the financial condition and the requirement of the homeowner what he opts for. If you are a struggling homeowner and want to save your house you should find out the requirements for different programs and see whether you qualify for them or not.
You can select the program you are eligible for and then try to meet all the requirements for that particular program. However the basic requirements for loan modification program is that you should be residing in that house, your loan must be acquired before January 1, 2009, your monthly installments should exceed 31% of your monthly income and your remaining loan amount should be less that $729,750.
If you find yourself eligible for home refinance program, you should be occupying your house and should have a certain amount of money so that you can pay the down payment and set new terms and conditions and make your home loan completely new and affordable. This will enable you to erase all the previous dues and non-repayments and make a fresh start.
If your application for loan modification program gets approved your existing home loan will be restructured and you will have to repay the new and affordable monthly installments. Obama’s stimulus package is designed to help the average people to get back to their feet.