Barack Obama Mortgage Assitance Program

For all homeowners who have suffered privations due to repayment of debts, and are about to go bankrupt, there is now a beacon of hope for getting their life back. On February 19th,2010, US President, Barack Obama, initiated a mortgage program that would be helping bankrupt homeowners to be able to get their livelihood back. This program is especially for those people who own a home, have no pending debt fee to pay, but on the other hand are about to go bankrupt, because of the payments they had to make for recovering debts.

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This new initiative known as the mortgage assistance program is all set to help all such people financially, so that they may be able to get back on their feet. The program aims to cancel off all foreclosures that has been scheduled since last year, however, foreclosure of all the years will not be canceled.

Not only is the plan helpful for homeowners, it is also beneficial for people who have no employment for 3 to 6 months and are at the mercy of other debts that they have taken to cover up costs, which apparently has very high monthly interests that the person is not able to repay back at all. Besides this, all other high charges will be reduced so that the person can be economically stable.

The mortgage assistance program provides incentives that is beneficial for nullifying equity loans and second mortgages. Though the program has all positive intentions, there are quite a few problems that are being identified. Practically speaking the program cannot exactly help much as there are few people who are able to be free of their debts completely and still own a home and to top it all is jobless. Along with that the program seems too stringent and isn’t considered very effective.

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