Federal Debt Relief – How to Prevent Foreclosure on Your Home

It is necessary for homeowners to make monthly mortgage payments. They have to do so in order to keep living in that house and to avoid foreclosure. Due to recession, many home owners have not been able to pay their mortgage bills and are on the verge of facing foreclosure. Fear not, the federal debt relief plan or Obama’s federal assistance program is out there to help you. With this federal debt relief plan you can save your home being taken away from you.

Everybody does not qualify or is not eligible for this plan. To check whether you fall under the eligible ones section, you need to consider certain factors. You can only avail the federal debt relief plan if the residence you want to be refinanced is your primary residence. If you have faced a hard time in making your monthly mortgage payments over the course of a couple of months, then only you can avail the benefit of this plan. The reason for your inability to pay can be, job loss or because you were unable to work due to an injury. If you were one of those who were laid off for the reason of cost cut or any other reason, you can still avail this option.

You are a possible candidate for this liability relief plan if your mortgage payment covers more than thirty one percent of your monthly income. Other factors that may affect your eligibility include your monthly bills including: medical bills, student loans and car loans. It is very important that you are well aware about your credit rating before you even apply for this loan.

All those people who have never defaulted on their monthly payments and have a good monthly mortgage payments history can apply for this loan. Any debtor who acquired a mortgage loan before January 2010 can apply for this stimulus money plan. You need to confirm all this information, you need to get all necessary information including your tax history and your credit card bills as these will help you persuade the lender in giving you this package.

Every body is dearly attached with their homes and do not want to loose their homes by not paying their monthly mortgage bills. But people cannot be accused of natural reasons such as recession. They never want to miss payments, but recession has made them. Well get out there and get the stimulus money package and save your home.

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