The final aim of loan modification program is to modify mortgage terms. One should fulfill the eligibility criteria and qualify to avail the loan modification program. Obama’s home loan modification plan is like the twilight at the end of the tunnel. One has to qualify to avail the facilities of this plan. Some of the terms and conditions to qualify for this mortgage loan modification plan are as follows:

• The current mortgage should be insured by either Fannie Mae or Freddie Mac.
• The home for which the home loan modification plan is being sought should be the primary residence of the applicant.

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