If you have tried to refinance your home since the market values on homes have dropped, you have probably figured out that you have lost equity. Most lenders always require 20% equity in a home to do a refinance. If you originally had 20% equity in a home, and it dropped significantly in value, you have lost equity. Obama's Refinance Plan was set up for people just like you. Through this refinance program, you can refinance even if you owe up to 105% of the value of the home.
If the terms of your home mortgage is less than desirable, you should see if you could qualify for this federal program. You must be current on your mortgage; this is not a loan modification. You cannot have been more than 60 days late with your payments within the last year, either.
Your lender must be on the approved list to participate in the Home Stimulus Plan programs. Your particular loan has to be on a primary home, serviced by Fannie Mae or Freddie Mac, also. You will just obtain a lower interest rate and maintain whatever equity you have in your home.
This program is quite unusual, and when it ends, you will probably not find this opportunity anywhere else. The date this program expires is June 30, 2010. President Obama has set up a very favorable stimulus plan for homeowners.
If you don't qualify for this because you are in default on your loan, you might qualify for a federal loan modification. These are completely reworked loans for people nearing foreclosure. Their home loan is totally restructure, even sometimes the length of the loan is lengthened to 40 years.
You should investigate whether you might qualify for Obama's Refinance Plan. You may never have a similar opportunity.
View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/obamas-refinance-plan-dropping-home-prices-means-youre-losing-equity.html
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