Who is eligible for Obama's loan modification plan? Let's find out. The economic crisis has brought into the spotlight an impressive number of distressed homeowners. Unable to meet monthly payments and struggling to keep up with decreasing property values, borrowers needed assistance, and they need it fast. President Barack Obama and the officials at the White House have come up with a plan that can only be described as determined.

Each and every aspect of the plan has been carefully considered and analyzed, including the eligibility criteria. Wanting to keep plungers away, Obama has clearly stated that only owner-occupied residences are perceived as eligible for the loan modification plan. Specialized people will be given the job of checking the occupancy status of the residences enlisted for loan modification, as well as the principal balances. The maximum sum accepted for an unpaid principal is of $729,750, this being one of the most important qualification requirements.

Qualify for mortgage loan modification and prevent foreclosure now!

Borrowers will be given the chance to enter the home loan modification plan only after their documents have been thoroughly reviewed, including their credit report and their loan and income papers. The Obama administration has clearly stated that only loans taken before the start of 2009 are considered eligible for the plan; also, if the payments are modified, these will remain unchanged for a period of five years. There is one more criterion that can make you a suitable candidate for the President's plan, which is related to your monthly payment. If that sum exceeds 31% of your gross monthly income, then you might qualify for the loan modification plan.

When it comes to qualifying for this plan, being informed is one of the most important things. There are many eligibility criteria that have not been mentioned, such as the fact that only single family homes are accepted (from one to four units), no vacant properties will be enrolled, or that once bankruptcy has been declared, that owner has absolutely no chance of entering the program. It is in your own interest that you understand who is eligible for Obama's mortgage loan modification plan, using the Internet and other specialized resources. Keep in mind that foreclosure actions are suspended during the period when the renegotiation is taking place, that one can only benefit from loan modification and that the deadline for application is the end of 2012. Consult an experienced lawyer and find out if you qualify!