With many problems an adult faces it would be nice if we could get a little help and great if that help was from the President of the United States.
Well the government has instituted a program that allows people who are struggling to make their monthly mortgage payments to restructure the deal for either a lower interest rate or lengthening the term of it.
Either method will help to significantly lower the monthly payments by hundreds of dollars making it easier for the homeowner to pay them on time and avoid foreclosure.
The problem people have with this program is that you have to still be making the payments on time to get this Presidential help, and if you are falling behind then you do not qualify.
Truth be told this is actually fair because many lenders will not help someone unless they are falling behind and are in serious danger of foreclosure.
For the homeowner that is doing everything possible to make the payments each month they actually get penalized in a way because they do not qualify for help.
That's why this program is so important, it may not help people avoid foreclosure but it can help people get about the water level of finance and out of debt.
Another problem people have with this program is that if you sign up and especially if you qualify, it can cause your credit to drop over 100 points.
With all types of loan modification you will see a hit to your score and experts say that is much better than having to foreclosure on your house or struggle each month with the bills.
However, if this is a real concern for you than you can always just use credit repair to fix your problem.
Credit repair is great because it can fix any score in a matter of weeks for a cheap price, regardless of why it was lowered.