President Obama believes that his $75 billion foreclosure bailout plan may keep millions of families in their homes, preventing the general economic and social degradation that accompanies large numbers of foreclosures in any country, as well as stemming the tide of recession that seems so determined to overcome America. The plan actually aims to help borrowers that owe more on their mortgages than their homes are at present worth (given the massive drop in home values that’s accompanied the market flood of the past year).

At the same time, it’s not on Obama’s to-do list to reward funding to speculators of an “unscrupulous or irresponsible” nature. What he does want to do is provide legions of families on the verge of a financial ruin a chance to rebuild – in other words, another whack at the old American dream.

Now, as a borrower on the edge of ruin, what’s the onus on you to prove your eligibility for the Obama foreclosure bailout? There are a number of ways you can prepare yourself for the test you’ll face.

First off, you’ll need the current paystub of every member of your household involved in the loan-taking process. If you happen to be currently unemployed, take a gander down to your local unemployment office and ask them for a printout proving your status.

You’re also going to need a copy of your most recent income tax return. The absolute best thing to do is rock up with the past three years tax returns – essentially this will be all the information your lender needs to decide if you’ll be a responsible regarding your loan repayments.

Once you’ve gathered this material together, along with any other relevant financial information or documentation you may have, be it for a second mortgage, an equity credit line on your home, and so on, it’s time to call your lender and arrange a meeting with a consultant who can determine your eligibility for Obama foreclosure bailout funding.

So get going on this great opportunity to reclaim your financial security!