The Federal Government under President Barack Obama started a mortgage bailout program early in 2009 to help struggling home owners who were saddled with New Obama Mortgage Plan they could no longer afford. Included in the new plan was $75 Billion dollars which was allocated to help slow the alarming foreclosure rate in North America.
Can I Save My Home With The Obama Mortgage Plan
The answer is maybe but unfortunately the plan will not help every single troubled home owner! While the plan does set aside money to help people there are guidelines those people will need to meet. This is to make sure the tax payers are not giving a bailout to someone who will be back in the same situation within 12 months.
- Mortgages from Fannie Mae or Freddie Mac are automatically capable of modification. This plan calls for monthly home loan payments from these two lending giants to be reduced to 31% of a homeowners gross monthly income. Mortgage interest rates can be lowered as low as 2% to make this happen. Also, a mortgage may be extended up to 40 years in length to make this 31% payment a reality if necessary.
What If I Do Not Fit Into This Category
The President also realized that a lot of people struggling with the home loans had Sub Prime loans and had a troubled payment and credit history that would not allow them to refinance.
At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home.
Can I Save My Home With The Obama Mortgage Plan
The answer is maybe but unfortunately the plan will not help every single troubled home owner! While the plan does set aside money to help people there are guidelines those people will need to meet. This is to make sure the tax payers are not giving a bailout to someone who will be back in the same situation within 12 months.
- Mortgages from Fannie Mae or Freddie Mac are automatically capable of modification. This plan calls for monthly home loan payments from these two lending giants to be reduced to 31% of a homeowners gross monthly income. Mortgage interest rates can be lowered as low as 2% to make this happen. Also, a mortgage may be extended up to 40 years in length to make this 31% payment a reality if necessary.
What If I Do Not Fit Into This Category
The President also realized that a lot of people struggling with the home loans had Sub Prime loans and had a troubled payment and credit history that would not allow them to refinance.
At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home.
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