Obama's Home Loan Modification Plan - A smart and Intelligent Solution?

More than 5 million house owners will retain their beloved homes through this innovative plan. The administration has laid out clearcut ways and rules to go about modifying their mortgage loans. Mortgage lenders are also motivated by incentives, to facilitate modified loans which reduce the monthly burden on the distressed home owner. It is a win-win situation for both homeowner and mortgage lender! Owners who avail of this loan modification plan will get the following changes done to their existing house mortgages. The rate of interest on the loan has to be dropped to the extent that the owner does not have to pay more than 38% of his gross montly income as monthly installment on the loan. Mortgage lenders are further motivated to drop interest rates. If that 38% is further lowered to 31%, then lenders are compensated by a matching dollar amount paid up by the Homeowner Stability Initiative. A citizen who has been laid off his job or suffered a paycut can suddenly find his monthly loan payment has shot up to even 50% of his grass monthly income. If this homeowner is to retain his home, he or she has to avail of this excellent rescue measure, the Obama home loan modification plan. To facilitate the process and avoid confusion, the US Treasury has laid out the exact sequence of steps to be followed by a mortgage lender to modify these distressed loans. The past has also seen measures taken to avoid home loan foreclosure, but this new plan is clearcut in its intent, criteria and procedures, and should definitely go a much longer long way towards alleviating the present housing crisis.

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