Can i get loan modification through Obama’s Mortgage stimulus plan?

Many home owners were relieved after Obama introduced the mortgage stimulus plan to help so many people who are about to lose their homes because of the foreclosure.Some financial experts are still not sure if the plan is really efficient or not – iam also hearing about so many cases of foreclosure.Moreover its shocking to read in one of the major websites about the increasing foreclosure cases in America.

I came to know that there are 250,000 cases of foreclosure happening everyday – are you shocked?I guess you are.But still the plan introduced by the president Obama was really good.Giving incentives to the home owners and the lender for preferring the mortgage modification instead of the short sale or the sheriff sale is a very nice move by the government.Some realtors might also be looking for the foreclosure listings at these situations.poor credit mortgage loans have been one of the reasons for the foreclosures.

If you do not know about the mortgage stimulus plan – here is a short summary about it:

By the usage of this plan,you will be able to save your home through either a refinance or a loan modification.But there are certain requirements too.It is very happy to see that the government has set aside 75 billion USD for the refinance plan.By the use of this refinance plan,you will be able to reduce the high rate mortgage to a low 4.5% refinance which is going to save hundreds of dollars every month.