The anticipated foreclosure prevention program that was released by President Obama targets 9 million borrowers for help. Are you included in on this program? Here’s how you will know if you qualify.

The package is a $75 billion effort known as the HASP, which provides two basic solutions. In one, the government offers help to homeowners to refinance their houses and to take advantage of the low interest rates. That is if, you are eligible. The second, is the concept of mortgage modifications that gives incentives to lenders and other vast companies to restructure people mortgages to a more affordable plan. The official report won’t be released until March 4th, but here‘s some brief information to see if you can be a part of this.

If you are looking to refinance then this portion of the package is for those who kept current on their mortgages. If you’re a homeowner that has been swimming in your mortgage, owing more than what your house values then you will most likely not qualify for a refinance. That is, unless, there is at least 20% equity on your house or you have an FHA loan. Even homeowners that exceed at least 5% of their home value could qualify. There will also be no prepayment penalties. The Obama administration anticipates this will help about 5 million homeowners get lower interest rate mortgages.

The second option is mortgage modifications. Homeowners that are about to default on their mortgage may qualify for a mortgage modification. Also anyone with debt, such as car loans and credit cards that exceed 55% of their income, may still qualify. However, they will have to accept the fact that they need to seek debt counseling through a certified program. If qualified, your lender will reduce your monthly mortgage payment to at least 31 (percent?) of your gross income. The perk for this program is that borrowers could get up to $1,000 a year for five years to help make their payments on time. President Obama has estimated that about 3 to 4 million people could benefit from the new mortgage modification program.

Who’s not eligible? People that bought a home for strictly investment purposes. Also if you were irresponsible on your borrowing, like many companies have been with their bailout money, you will not qualify. Stay tuned March 4th for more details on how this plan can help you.