Haitian Homeowners & The Obama Loan Modification Plan

I hear many Haitian homeowners taking about of the Obama Loan Modification Plan.
I hear it everywhere.

(KREYOL: Messaj sa-a se pou ayisyen ki abite nan USA!)

Just yesterday, a friend of mine told me that, when he is done
with this Obama Loan Modification Plan, he will be paying
$400.00 per month for his house and he will be renting it out
for much more than that.

Are there any pitfalls, or is it that simple, one day you're paying
thousands of dollars for your mortgage and the next day
you start paying next to nothing!...

One or my mortgage broker friends told me he did two loan modifications yesterday.

Question:
What is Obama's loan modification plan and how does it work?

Post your answer here

Are you a mortgage broker?
I definitely want to hear from you

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