Do You know why people need mortgage? Do you have any Idea about mortgage activity? We've to know the importance of Mortgage. A particular interest which transfer in property to a lender as a security for debt - basically a loan of money. Since he won the race to the White House, the president of USA keep his both eyes on the life style of American people. The aim of the president is to raise the standard of living of Americans. The debt assistance of US Government has introduced a greatest plan for the people with the help of US Government. Few some days ago, US president - the great Novelist Obama announced it that the federal government will contribute more than ten billion dollars to help the mortgage holders. They can also modify their loans, their houses everything by utilizing this. In recent, from a research work I got the information that over 2 lac's people of America are expected to face foreclosure during the next 1 to 3 years.



"Rescue to the collapsing housing business" - this is the main theme of the new bill which has been passed recently to vote. The real estate business has also affected by the huge increase rate of unemployment and also by the recent economic recession. The main reason of the low occupancy rate of most residential real estate is - more people are forced to move in with others to save money. As this the output come very poor. The net price of that houses which compared to their mortgage payments became decrease. Still now most Americans are paying huge amount of money than the actual net value of their houses. The new loan modification plan takeover this fact for consideration.


The availability of the debt assistance only for owner - occupied mortgages. Few some document proof i.e the phone bills, credit card statements and personal mail delivered to the questioned residence, need from the occupancy. The another opportunity from loan modification plan is - this plan can fund loans for those mortgages whose value below 700 thousand dollars. Thus the channeling financial aid for the neediest Americans. If any person want to utilize the loan modification plan, the person should be provide the documents to prove present financial situation. If you wish to qualify for federal debt assistance then you've to prove that your total monthly income has been decreased.



The new bill has offered another benefit which is - can decrease the amount of monthly payment of loan and it is no more than 31% of borrowers' monthly incomes. Those borrowers who are totally paralyzed by giving housing taxes, now they can remove their burden from their shoulder after introducing the loan modification plan. The borrowers are getting a huge relief from it. On the other hand now the federal government has encouraged creditors also to accept more loan modification plan by giving a cash incentives for every loan modified.


Hope the US Government debt assistance will be help tomorrow and forever to those people who are struggling still now with their mortgage, loan and other issue. Obama also trying to keep hundreds of thousand of Americans in their homes and prevent foreclosure.