obama foreclosure bailout
President Barack Obama took over US economy when it was going through a major slump. In his 2009 Stimulus Package he made an attempt to make the lives of the US people easier and saved their dream homes from being foreclosed. He has announced several grants, tax credits and loans for the needy citizens in United States. He has made an attempt to save your home through refinance and loan modification.
Do you Qualify for President Obama’s Home Loan Refinancing Program? Let us have a look:
· In case your loan or the mortgage is insured or owned by Fannie Mae & Freddie Mac you qualify for the refinance deal.
· Your loan amount must be more than 105% of the current value of the home in order to apply for the mortgage refinance.
· Now your rate of interest can be lessened. It would be 5.16% in place of 6.5%.
· The mortgage monthly payments would now be limited to 31% of the gross monthly income of the borrower. Also the sum total of all credit payments taken together must not be higher than 55% of the pre tax income of the borrower.
· When you apply for the loan modification & refinance even if you do not own 20% equity of the home. This rule is now written off.
· The government has announced $ 1000 cash benefit for the banks & the mortgage companies per loan modification & refinance. So the banks are all willing to help you in your crisis.
· You can also take professional help from the HUD appointed counselors. They act as your representative in the bank dealings and present your case in the best possible amidst the bankers. Above they do not charge for their work as they are paid by the Federal Government. You must seek for their guidance once.
To know more about Mortgage Refinance Programs and to check if you qualify
Click Here –> Federal Mortgage Refinance Help
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here –> Federal Grant For Homeowners
FREE Trials are for a limited time only, so get yours today.
How can they justify $275 BILLION dollars to help 9 million families with foreclosure problems?
http://www.cnbc.com/id/29256424
A total of 8.1 million U.S. homes, or 16 percent of all households with mortgages, could fall into foreclosure by 2012, according to a report by Credit Suisse.
An Obama administration official said the total plan commits up to $275 billion for housing, including $50 billion from funds already committed in the country’s financial sector bailout. It aims to help up to 9 million American families.
I paid off my home in 5 years. I’m thinking of taking out a half million dollar mortgage on it and NOT PAYING it so Obama helps ME too.
The only justification is to angry about ANY and ALL bailouts. Here’s an interesting article about this bailout culture.
http://www.thebigmoney.com/articles/moral-hazard/2008/09/19/what-moral-hazard?page=0,1
The first half of that bailout has already been spent and it did not unfreeze the credit market so it did not help to stem the foreclosures, which in turn are decreasing property values and eroding the local tax revenues that pay for schools, essential services (police, fire protection), etc. Basically, the money was funneled to the top and did not ‘trickle down’ to the root problems. So now, the second half is supposed to go towards rewriting loans to hopefully stem the tide of foreclosures. Will it work? I have no idea, but I do think that it stands a better chance of solving the local community problems than the first half did by going towards retreats, CEO bonuses and dividends.
Obama Victory: Fix foreclosure Fiasco Billionaire Bailout
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