President Obama recently announced the Administration's plan to further prevent foreclosures and assist borrowers with loan modifications.
What to do:
If you are currently delinquent or struggling to keep current, you may be eligible for a modification on your current loan. Contact your mortgage holder and seek insturction from them. Prior to your call, you should gather the information that you will need to provide to them. This includes:
Information about the monthly gross income of your household, including recent pay stubs or documentation of income you receive from other sources
Your most recent income tax return
Information about any second mortgage on your home
Payments on each of your credit cards, if you are carrying balances from month to month
Payments on any other loans, such as student loans and car loans
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