Obama’s Home Mortgage Refinance Or Modification Plan For 2009

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President Obama is ready to help millions of homeowners save hundreds of dollars every month, or even their home from foreclosure. The recently announced “Making Home Affordable” plan will allow homeowners to obtain 4% fixed rate home mortgages. Getting approved for help is easy, and here is how:

  • A homeowners mortgage must have less than $729,500 remaining on the balance.- If a home loan is financed or backed in any way by Fannie Mae or Freddie Mac, the mortgage is automatically eligible for a 4% modification.
  • If a homeowner has been able to pay their mortgage payments on time and in full for 12 consecutive months, they will be eligible to refinance their home loan into a 4% fixed rate mortgage.
  • Homeowners who have missed or been late on mortgage payments within the past year will be more likely approved for a home loan modification. A “Financial Hardship” letter will need to be included stating your financial problems, bills, income, and other financial problems.
  • A lot of homeowners are in the beginning stages of the foreclosure process. For a homeowner who is facing foreclosure, a fast track home mortgage refinance or modification will be allowed in order to increase the chances of the homeowner being able to keep their home.
  • A home can be worth up to 5% less than the actual mortgage is for. This helps a lot of people who have bought a home in the past few years and have since seen their property values plummet due to the housing crisis.
  • Monthly mortgage payments which are modified under this plan will not be over 31% of the homeowners gross monthly income. A lot of homeowners pay over 50% of their income toward their home currently and a 20% savings would mean huge savings.

Right now is a great time for millions of homeowners to take advantage of this plan and refinance or modify their home loans and save money. The money can be used to reduce other debts, improve your home, or for whatever you can think of. It will not hurt you at all to consider refinancing or modification of your mortgage and see the potential savings that you may be able to get.

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