It’s not easy when you are facing trouble making mortgage payments and when there is a possibility you might lose your home to foreclosure. But don't you worry; you may be eligible for a quick mortgage loan modification using Obama's Stimulus Plan. The Treasury Department has put into operation a loan workout program intended to help millions of homeowners avoid foreclosure with a low, affordable loan payment.

President Obama's mortgage loan modification plan offers homeowners with manageable payment terms so they can stay in their homes. Under this program, you can modify mortgage fast and avoid foreclosure applying and meeting certain approval guidelines, which are:

• The house must be your primary residence
• The Loan should have been taken out January 1, 2009 or before
• Current loan balance is $729,750 or less
• Mortgage payment should equal or be more than 31% of your gross monthly income-including taxes, insurance and homeowners dues
• You must be facing a financial adversity
• Applies to both first and second loans
• In order to qualify, you do not have to be delinquent, but must prove imminent risk of default
  
  If you meet the above criteria, then you can go ahead with the application procedure with your lender. Here are some tips that can help you get a fast mortgage loan modification.
  
  
• Get in touch with your bank and ask to be considered for Obama's mortgage loan modification plan
• Only give your bank your financial information when you’ve completely understood the guidelines for approval
• Make sure your financial statement and other application forms are correct so that you prove that you meet the guidelines
• Make sure you have all the required documents in order
• After all of the above, you are now ready to submit your mortgage loan modification application and have the best chance of approval

A mortgage loan modification could be the perfect solution to your need to change mortgage loan terms, modify your mortgage fast and avoid foreclosure. So make sure you take the correct steps and you will be on your way out of all financial troubles soon.