The Obama mortgage bailout and debt relief program has helped to reduce the foreclosure rate over the last year. Hope Now and Making Home Affordable have allowed homeowners who are struggling to get a home loan modification which allows them to reduce their monthly mortgage payments.


It is very important to understand that not everyone will qualify for the Making Home Affordable plan. There are many guidelines and it would be wise to access the Making Home Affordable website to determine if you meet these guidelines. It would also be wise to contact your lender and see what options are available.

Since last year the Making Home Affordable plan has been modified several times. The Obama mortgage bailout and debt relief program recently expanded to help those who are underwater in their mortgage or unemployed. If you are in this situation you may want to do research on the Making Home Affordable website.

It is also very important to know that completing a permanent mortgage modification will take a lot of hard work and discipline. Many homeowners are finding that they have to submit up to six months of paperwork before they get into a permanent mortgage modification.

Author: Jeremy North