Home Refinance Stimulus Package – Mortgage Refinancing and Loan Modification
Did you know that President Obama has provided a way for millions of Americans to avoid foreclosure and bankruptcy? There is a new $75 Billion-funded Stimulus Package set to assist as many as 9 million homeowners in the US who are stuck in financial crises. Since the economy has been turbulent, the housing market has suffered greatly, putting homeowners as well as lenders at risk. Under the Plan, both sides receive assistance, so that the economy can slowly pick up once again.
If you are facing extreme financial hardship, you may be eligible for either mortgage refinancing or a loan modification.
What’s the difference?
Previously, refinancing was only an option to homeowners who had at least 20% equity in their homes. But because of decreased home values, the guidelines have been re-written so that it is easier than ever to be approved. If you have a Freddie Mac or Fannie Mae owned loan, and your home is your primary residence, you qualify if you owe more on your loan than 105% of your property’s market price.
Your other option is with receiving a loan modification. Modified loans have renegotiated terms either through the interest rate, extension of years, or repayment options, as ways to lower the monthly payments. Since banks lose out for every foreclosed loan, the government has stepped in to provide a $1,000 incentive to the lenders for each successfully completed loan workout. You can receive assistance if your home is your primary residence, and your debts are no more than 55% of your gross income. Your new payment, then, is calculated as no more than 31% of your gross monthly income. Late fees might also be waived. You can work with your lender to come up with the best strategy to help you break free from financial hardship and continue to afford your home.
Overall, the options in the 2009 Stimulus Package can be beneficial to so many homeowners that it is in your best interest to research the guidelines for your lender and apply before you stand to lose your home.
For tips and facts about how you can benefit from Obama’s Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
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Did you know that President Obama has provided a way for millions of Americans to avoid foreclosure and bankruptcy? There is a new $75 Billion-funded Stimulus Package set to assist as many as 9 million homeowners in the US who are stuck in financial crises. Since the economy has been turbulent, the housing market has suffered greatly, putting homeowners as well as lenders at risk. Under the Plan, …
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