The Obama Administration predicted that the foreclosure-prevention program, that went into effect on March 4, 2009, could aid nearly 9 million people across the nation in saving their homes. The plan was written to encourage lenders to assist borrowers that were at-risk by lowering their interest rates and adjusting their mortgage payments to not exceed 31% of their monthly income.

There are a few steps to follow in order to receive the help that you may need:

Visit the Making Home Affordable website and take the quiz to find out if you are eligible. The quiz consists of 5 questions that will determine if you are eligible for the Obama plan. If you qualify, the website will provide you with a paperwork checklist of all the information that you will need to give to your lender.

Make sure that you gather all of the paperwork that you will need, including a hardship letter before you contact your lender. After giving all your information to your lender, all you have to do is wait to hear back from them.

As of last week, Chase Mortgage issued more than 15,000 loan modifications and since April of 2009, Bank of America has sent out over 100,000 letters to at-risk home owners that might benefit from the program. It couldn't hurt to see if you qualify, you could be one of the 9 million that Obama predicted he could help.