President Obama's mortgage loan modification plan came into effect in 2009 to prevent the number of foreclosures in the country and provide homeowners with easy refinance schemes in troubled financial times. This scheme is currently a boon to those who are nearly on the verge of losing their home due to the effects of recession. The past year has witnessed many people to lose their jobs and accept reduced pay cuts thus resulting in the increase of foreclosures. This has lead to the reduction of household income and many people struggling to make both ends meet.
During the economic recession there were many homeowners who faced the disadvantage of having to bear to brunt of high monthly mortgage payments. The objective of the above mortgage loan modification plan works along with lenders to make the payments of eligible homeowners greatly reduced. The main emphasis of the above program is to prevent the number of American foreclosures that have hit a record high in the last couple of months. The above program includes a billion Homemaker Stability Initiative that facilitates the successful loan modifications and helps to prevent foreclosures through 2012.
Chase Mortgage
The lenders in the country are not forced to participate in the above loan modification program. They are requested to analyze on whether the modification of the loan that has been described above would be more profitable than its foreclosure. It is only after this analysis that they go in for the profitable option that is feasible to them.
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