Denied for refinance? If you have, it’s not the end of the world and there is lots of hope. Lots of it in fact. I’m going to outline in this short article a super easy strategy for getting approved for a loan that could literally save your home.
#1 Reason People are Denied Refinancing
Many people who try to get a refinance on their existing mortgages do so without fully assessing their situation. The key thing they ignore is the number of payments (if any), that they’ve missed. What people fail to realize is that if you are missing payments, the lender will see you as credit risk. In other words, if you can’t make existing payments, how are you going to make the new one? Continue Reading…
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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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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.
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