The Obama mortgage debt relief plan was designed to help homeowners stay in their homes and avoid foreclosure. If you have had difficulty making your monthly mortgage payment then you should consider going through a mortgage refinance to lower your interest rate. Another option is going through home loan modification.

If you have a good credit score, above 740, and a significant amount of equity in your home then there is a good chance that you can refinance to a lower interest rate in the current economic environment. Please be aware of the fact that mortgage rates are likely to move up in the near future so you will want to take action soon.

If your credit score is lacking and you have little to no home equity then you may want to consider a home loan modification. President Obama and his staff created the Making Home Affordable home loan modification program to help Americans lower their overall monthly mortgage payment.

If you are having difficulty paying your mortgage you are not alone. There are many Americans that are trying their best to make their home loan payment but they do not have the money. If you are in this position it would be wise to consider refinancing or going through the home loan modification process.