With the dip in the US economy, it was almost certain that the housing market would be seriously impacted as well. Sales of new homes have just about come to a standstill. Not to mention the growing number of people that owned a home but are now unable to afford their mortgages due to the other effects the nation’s economy has had on people.
Some have outright lost their jobs and have been unable to find new employment. Others have found new jobs, but they do not pay as much as their old ones. This does not take into consideration the increase in the cost of living or the chances that some other financially devastating thing happens in your life such as a major illness or the loss of a loved one. Just one of these things is bad news but the combination of things has hit homeowners hard. If you are in this tight financial situation and you are seriously having difficulties keeping up with your mortgage, then it’s time for you to consider a loan modification with Obama’s 2% loan modification program. It is called a 2% program because this is the low rate the modified loan can be fixed at.
Continue Reading…
Related posts
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.
Continue Reading…
Related posts
Obama’s Home Affordable Plan has been operational for over a year, now. The Administration is pleased overall with its results, but they have been making some adjustments and improvements. The overall efficiency of the program will be enhanced.
The government has determined that the economy is doing better. The real estate market is showing positive growth signals. Interest rates are low, and people are gaining some equity in their homes, an average of $12,000 over the last 3 quarters of 2009. Home sales are picking up again.
Continue Reading…
Related posts