Obama mortgage refinance plan was introduced in response to the rising foreclosure rate in the United States. It included 50 billion dollars to help Homeowners keep their homes. Foreclosure is a traumatic occurrence in the life of a family, and it has a destabilizing effect on a community.
This program addresses many problems that cause homeowners to lose their homes. The falling real estate market has been a culprit in the lost equity many have experienced. It is not uncommon for people to owe more than the home is worth. Being underwater in a home loan prevents the refinance of a bad mortgage because 20% equity is traditionally required by the bank in order to be considered. The President\?s program had options for lenders to help homeowners in this upside-down situation.
Many homeowners had experienced a decrease in income or an increase in expenses so that their mortgage payment was no longer manageable. A loan modification could help them obtain a lower house payment. There is also help available for unemployed homeowners to get a temporary modification. This gives them relief while they are seeking a job. This modification can be made permanent when employment is secured.
Obama\?s Home Affordable Plan also had solutions for those who could not work out a loan modification. Short sales and deed-in-lieu of foreclosure help a homeowner get out of an unaffordable home without foreclosure or future indebtedness. There was also consideration given to the expense of moving. The program includes funds to help troubled homeowners get into affordable housing.
Mortgage refinancing and modification will help millions of people. With so many homeowners facing foreclosure or mortgage default, this plan offers real hope to many. If you are in any type of financial hardship, and need a better, more affordable mortgage, use this plan. Countrywide mortgage refinancing and modification can be one of the best financial moves a homeowner makes.
Learn more about Obama Mortgage Relief Plan Qualifications.
Related posts:
- Finance: Obama Home Mortgage Refinance Plan: Mortgage Refinancing And Loan Modification With Freddie Mac (7/25/2011)
- Finance: Obama Home Mortgage Refinance Plan: Easy 2% Home Loan Modification Or Refinancing (7/27/2011)
- Finance: Obama New Mortgage Plan: Obama Launches New 4.5% Home Mortgage Modification Plan (7/17/2011)
- Finance: Obama Mortgage Refinance Plan: The Homeowner Stimulus Plan From President Obama (7/31/2011)
- Mortgage Refinance Programs: Are Obama\?s Federal Loan Modification and Refinance Programs Right For You?
Source: http://www.myfinancearticles.com/5349/
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