People are losing their homes left and right in the United States; foreclosure is at an all-time high rate. Homes are sitting vacant in neighborhoods across the nation, and each empty house represents a displaced family. President Obama is aware that helping homeowners avoid foreclosure is more than just an economic support for the housing market. The Home Stimulus Package is about helping families stay in their homes!

No monetary value can be placed on preventing the trauma that a family experiences when they are uprooted from everything that is familiar in their lives. Children usually must change schools, which adds to the interruption of their routine. The really scary part of a foreclosure is that often landlords don't want to rent to someone after they check their credit and discover a foreclosure.

President Obama had all these things in mind when he signed the Home Stimulus Package. This bill has funding to help encourage banks and lenders to rework mortgages for struggling homeowners and get them a lower house payment. This is called a loan modification. Approved banks and lenders receive large financial incentives to take existing loans and change them.

When a homeowner qualifies for a loan modification, this represents a family that is given another chance. It represents a financial future that was rescued from shipwreck. Often, a loan modification through this program even allows homeowners to better themselves by reducing principal. The principal of the loan can be reduced even further by the homeowner's regular and faithful payment of the loan payments during the first five years of the mortgage. They can receive up to another $5,000 of payment toward the principal of the loan.

To save your home, click here to learn more about Obama's home stimulus package