First, let me tell you that you most definitely can stop foreclosure on your home. It takes a combination of knowing the right information and applying it effectively. This article will give you the information and show you how to effectively apply that information in order to save your home. Ready?

How Obama Can Save Your Home
Thanks to the Obama administration, there is a federally approved scheme that is designed to help you stop foreclosure on your home. The scheme is called Home Affordable Modification Program or HAMP for short. It is especially geared to anyone who is facing severe financial difficulty and need assistance. Qualification under HAMP is not automatic, but not difficult to achieve. The key thing is having a solid base and I'll go into that below.

2 Important Qualification Criteria
The first criterion is what's called the income/debt ratio. This is the proportion of your income to your monthly mortgage payments. The federal guideline states that your monthly mortgage must exceed 31% of your gross monthly income. Anything higher than this and you are in good stead. Anything lower and you may have difficulty qualifying.

The second criterion is the drafting of a convincing hardship letter. This letter will make the case for why you need the loan and should outline your present predicament, how you got there and any steps you've taken to fix things. If you've got a second job, mention it.

Getting a HAMP loan is by far the most effective way to stop foreclosure on your home. The tips outlined above are sound, but if you're unsure about any of it, then I highly suggest you use an online modification company to let them sort it out. If you're already behind on your payments, you simply can't afford any mistakes.

Final Note: The loan mod process can be frustrating and overwhelming. Having a specialist on your side can greatly reduce the stress, as they do all the negotiating and paperwork on your behalf. I highly recommend obtaining a free loan modification evaluation in order determine the best course of action based on your financial situation.  Ashley Munson