How To Refinance Or Modify a Mortgage With Obama's Stimulus PlanPosted by Daugherty Chandler on May 24th, 2021 Homeowners everywhere are having trouble making their monthly house loan payments. It is estimated that 1 of 8 homes is in foreclosure. For these reasons, President Obama has announced his "Making Home Affordable" plan. This stimulus plan will permit a house owner to refinance or modify their mortgage right into a less costly payment. Here is how find more info works: -Homeowners must reside in the house being refinanced or modified as a primary residence. -Mortgages backed by Fannie Mae or Freddie Mac are automatically entitled to an adjustment in a new, more affordable, payment amount. The new home loan payment cannot exceed 31% of your homeowners gross monthly income. Many homeowners currently pay 50% or maybe more for their home. A 20% savings within your mortgage each month would quickly mean huge money. -The mortgage will need to have been closed on and signed off on before January 1st 2009 -Homes which have dropped in value being a result of the economy and housing market will use your plan to secure a better mortgage through refinancing and house loan modification. Homes everywhere have dropped in price because of, deficiency of consumer confidence, and foreclosures, which lower the need for all homes within the neighborhood. -Homeowners who are facing "Financial Hardships" of all types including, loss in job, reduced wages, hospital bills, bad mortgages, and a long list of other financial problems, can use Obamas plan to secure a new, less expensive, monthly mortgage payment. The "Making Home Affordable" plan from Obama has over billion in funding to aid homeowners obtain a better mortgage through refinancing and mortgage modification. advice been a better time for it to refinance or modify a house loan, and it never been easier. websites and banks operate with Obamas plan and approving more applications than ever. Homeowners who have been refused before should still apply using Obamas plan. Homeowners who are required to save money each month, or wish to save their property from foreclosure, have to join your plan now and make the most.Like it? Share it! More by this author |