obama foreclosure homes
Obama’s stimulus mortgage rescue plan has been specially designed to save the dream home of all the homeowners who are facing foreclosures. The various programs offered by Obama’s stimulus plan are going to make the mortgages of millions of homeowners affordable by reducing the high interest rates on which the loan is currently running. The 2 main programs of this plan are; Mortgage refinance and loan modification.
Federal Government has estimated that programs of Obama’s stimulus plan are going to help 7 million Americans save their property and let them continue with their home ownership.
Let us see how this new mortgage rescue plan is going to help you in saving your home from foreclosure:
1. This plan is for all the customers who have not been regular in making the payments of their loan and are facing financial hardships. So, all genuine needy people would benefit with this Obama’s stimulus program.
2. Loan modification program offered in Obama’s stimulus plan is going to help in avoiding home foreclosure in the following way:
- It will reduce the interest rate of the mortgage and principal amount on the mortgage would also be reduced.
- Waiver in late fee is offered
- Extended loan tenure to lower down the payment amount.
3. Obama’s stimulus package has decided to offer $1000, to all the lenders for each loan modification and refinance and $5000 as incentive to all those homeowners who goes for any of the two programs.
4. Refinance option available in Obama’s stimulus package is going to refinance the current mortgage and a new mortgage would be issued. The earlier loan would be closed and there would be no foreclosure charges for that. The new loan would be on a very low rate and the tenure would extend for up to 50 years depending upon the earlier tenure of the loan.
5. With Obama’s stimulus mortgage rescue plan, you can get your adjustable rate mortgage refinance and converted to a fixed rate. And also, no monthly installment would cross 31% of the borrower’s monthly gross income.
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Loan Modification Programs
Click Here –> Loan Modification Experts
To check if you qualify for Government Grants
Click Here –> Federal Grant For Homeowners
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Heard alot about Obama helping people save their homes from foreclosure! I missed the key to get in. Any help?
Can’t seem to find a link straight to the program . Just a bunch of BS links to take advantage of me . Some want money or my personal info. Just to spam the heck out of my inbox . Any help would be nice !?!
You can go to www.hud.gov or to http://www.financialstability.gov/makinghomeaffordable/ to get specific information regarding government assistance and the new programs being rolled out. The loans that they’re talking about though (in short terms) are investor backed Fannie and Freddie loans. You still need to call your servicer to apply for the workout and realize that you’re looking at about 120 day turn around due to the volumes of people requesting assistance. Fannie Mae has put a moratorium on delinquent accounts through April 9th (I believe) as they try to get things in order. Any Fannie/Freddie loan that was pre-qualified for a workout over the last 120 days (where the paperwork was not signed and sent back to the servicer) are also on a moratorium while things are worked out.
First things first though – if you don’t know who your backer is, call your servicer and ask for and apply over the phone for a workout.
Good Luck
ACORN breaks into foreclosed homes – criminal trespassing.
May foreclosure rate steadies as banks hold back
WASHINGTON (AP) — The foreclosure crisis appears to be leveling off. The number of people facing foreclosure is nearly flat from a year ago, according to the latest report from a private foreclosure listing service. A third fewer people are receiving legal warnings that they could lose their homes.