» Mortgage Insurance » A Step-by-step Direct To Obama Home Loan Modification Program
Auto Insurance Life Insurance Health Insurance Family Insurance Travel Insurance Mortgage Insurance Accident Insurance Buying Insurance Housing Insurance Personal Insurance Medical Insurance Property Insurance Pregnant Insurance Internet Insurance Mobile Insurance Pet Insurance Employee Insurance Dental Insurance Liability Insurance Baby Insurance Children Insurance Boat Insurance Cancer Insurance Insurance Quotes Others

A Step-by-step Direct To Obama Home Loan Modification Program

A Step-by-step Direct To Obama Home Loan Modification Program

span>Share:Obama's $75 million Home Affordability and Stability Plan is a rescue attempt to save the plummeting housing market. The President has the conviction that by restructuring their mortgages, homeowners who are struggling to make ends meet, will be able to save their homes. This initiative comprises of two parts:

1. Home affordability refinance program - this program helps homeowners to refinance loans that went upside-down because of the tumbling property rates.

2. Home affordability loan modification program - this program is designed to reduce mortgage installments for people facing foreclosure by modifying their mortgages, and reducing payments.

Many homeowners are not eligible for refinancing according to the Obama mortgage plan. Hence, the home loan modification plan has become more popular. The eligibility criteria to apply for loan modification include possessing and occupying a one to four unit home, having a loan that originated before January 2009, and having a due principal balance equal to or less than $729,750 for a single-family property. If an individual does not inhabit the house, then he/she will not be eligible to apply for the Obama mortgage plan. Also, the figure $729,750 is very important. The total loan amount may exceed this number. However, the principal amount to which no interest is added, should not exceed this figure. Moreover, subordinate loans and second mortgages may not be included in this amount.A Step-by-step Direct To Obama Home Loan Modification Program

instant loan modification quote

If the house is a multi-unit property, the limits may go higher. If the mortgage is applied on a four-unit property, and the owner occupies it too, then the limits can be higher according to the HUD rules for the Obama mortgage loan modification scheme. There are a few other requirements to apply under Obama mortgage modification. The monthly mortgage payment should exceed 31 percent of the individual's gross monthly revenue. And the applicant must also be able to show a significant rise in income or fall in expenditures that have enabled the applicant to pay the FHA home loan or other mortgage.

Under this plan, interest rates can be lowered to as low as 2 per cent, and the duration of the mortgage repayment can be extended to a maximum of 40 years. Also, the service providers will be required to reduce the monthly payments to less that 31 percent of the gross monthly income. This will considerably lower mortgage payments. Reduction in payments can greatly benefit people who were on the verge on losing their homes, and stop foreclosure. They can start making their payments regularly. Save home - Avail the benefits of Obama Home Affordability plan.

by: Anthony Russell
A Good Retirement Investment The Five P's of How To Be A Landlord And Manage Real Estate! by:David Schneider Wealth Building Tips And Tools To Attain More Money Than Youll Ever Need Gold Weath ,as Gold Prices Hit Never Seen Before Levels ,is It Too Late To Invest ? How To Earn More Money Buying Good Mortgage Refinance Leads Online - Getting Your Money's Worth What Makes It Easy To Seek Commercial Remortgage Loans Is The Service Of Brokers Va Mortgage Leads The Best Kept Secret - Why Va Leads Are Better Than Other Leads Transparency In Hedge Fund Investing Is Critical For Investors Reverse Mortgage Payout Options Are You Eligible For A Reverse Mortgage? How You Benefit From A Reverse Mortgage Million Dollars Profits System Is The Best You Will Ever Find!
Write post print guest:  register | login | search IP( / Processed in 0.012410 second(s), 6 queries , Gzip enabled debug code: 14 , 6376, 965,
A Step-by-step Direct To Obama Home Loan Modification Program