Obama's Home Stimulus Package

Keeping a dream house that you purchased with your own money that you invested and saved for years may come into a horrible nightmare and come to a foreclosure or taken by the bank because of high mortgage payments. This is the hardest part of life that will affect your family and your credit report.

With the help of the new US President Barack Obama, he started a new plan for property owners with the catchphrase, "Make Home Affordable" also known as Obama's Home Stimulus Package.

In this Home Stimulus Package, it will give the home property owner full assistance with getting mortgage fees in low percentage of 31% compared to 38% that has been charged before. The homeowner cannot make a step forward, but with the help of this package the homeowner will be provided by a financial consultant that will help them in legal matters. The legal matters include modification of the home loan as represent himself as a spokesperson of the homeowner.

The property owners should provide a letter of financial hardship stating the reasons of difficulties in paying for the mortgage. This will be approved for a valid reason like low family income, but the property owner's primary residence is the mortgage home and not as a vacation house. This home stimulus package applies as well to home buyers to purchase the house on or before 1st of January 2009.

Additional qualification to be approved in this Obama's home stimulus package is that the homeowner's loan amount is $729,950 or lower. This package will help the home buyer to request to the lender to lower the principal amount of the house. It will also include an extension to pay for the house up to 40 years and also the chance to waive the late payment fees.