President Barack Obama has made it clear that he is going to dictate the norms for loan modifications. With $75 billion devoted to reworking troubled loans, when almost 53 percent of loans tailored in the first quarter of 2008 went bad again in six months. The following are the seven things you require to know about Obama's loan modification program. Work out the best repayment plan for yourself. It is one of the most simple and most used loan repayment options. Here basically, you agree that your entire due amount would be added to your current monthly payment. Critics seem to be unhappy with the repayment plans since the clients often fail to even pay their new loans after the debt has been redistributed. Here also one has to be careful that your monthly amount of repayment is going t...
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