You can you still afford your dream home

In February 2009, President Obama introduced to the nation his comprehensive Financial Stability Plan, addressing the key problems that are at the heart of our country's current housing crisis. A core and critical component of that plan is his Making Home Affordable program, a plan with the goals of stabilizing the housing market and providing immediate and necessary relief to struggling homeowners so that they may avoid foreclosure and get back on their feet again.

The Home Affordable Modification Program provides all eligible homeowners with the wonderful opportunity to modify and restructure their existing mortgages in order to make them affordable and maintainable. To date, over a million homeowners received assistance and the program is well on its way to helping 3 to 4 million homeowners by the year 2012. If your family can no longer afford your current monthly loan payments, then you may be able to qualify for a loan modification that would make your monthly mortgage payment affordable. Default and late payments aside, if you are one of the millions of borrowers who happen to be current, but are having difficulties with making their payments, as well as, borrowers who have missed payments may be eligible.

Don't worry about whether or not you are already in foreclosure. The program was designed especially for you. Foreclosure proceedings cease at the moment the modification process starts.

The first thing you will want to do if you find yourself in this predicament is contact your loan servicer, provided they have not already contacted you. Your loan servicer is the whichevever financial institution collecting your mortgage payments and is responsible for all accounting and management of the loan. The loan servicer will provide you with all the necessary paperwork and instructions for creating your home loan modification package. There is free foreclosure help available to you on the Obama Administrations "Making Home Affordable" website and you may find additional support at the HUD (Housing and Urban Development) website.