Everyone has been talking about the President’s Mortgage Loan Modification Program. It was introduced in February 2009, and over a million people have received a reworked mortgage and avoided foreclosure. Before the program is discontinued in 2012, it is estimated that 3-4 million people will be assisted.
If you are in default on your mortgage or even just struggling, you may qualify for a loan modification through this program. You might live in a duplex, but you are behind on the mortgage. Would that disqualify you from approval?
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President Obama’s Mortgage Modification Plan has been operational since February 2009. It was part of the Stimulus Bill, with its goal being to help the sagging real estate market. It had three parts: First Time Home Buyer’s Stimulus, Refinance, and Loan Modification. It has been established that the first year of its operation has seen positive results.
Home sales have responded with some growth, which has been credited partially to the First Time Home Buyer’s Stimulus. 4 million people have refinanced their homes to save $7 billion a year. Over a million people have received loan modifications, reducing their monthly payments by an average of over $500.00 a month. The real estate market has stabilized somewhat, and interest rates are down.
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The Obama Making Home Affordable program is a plan announced by President Obama by which 75 billion dollars has been allotted to be used for refinancing and modifying of mortgages. This program is part of the bigger Tarp 2 plan initially approved by the Obama administration which has an allocation of nearly 700 billion dollars. Under this scheme, if a homeowner is likely to lose their property to the bank or a owner who has good past credit but would like to lower the interest rate on his loan to an affordable margin, they can seek the assistance of loan officers and make necessary modifications to their loan.
This program was set up to help millions of Americans afford the rising cost of home ownership and the administration has set aside nearly 75 billion dollars for this purpose. To utilize these funds, the program makes use of incentives and subsidies to lower the interest rate on the loans taken by millions of Americans.
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