Loan Modification And The Housing Plan Of President Obama

Loan modification constitutes step two of the housing plan of President Obama. Such plan is not for every homeowner in the US but only the qualified and responsible ones will be picked to benefit from the housing plan of the federal government. If you bought a home which you already knew from the start that you will not be able to afford, you are definitely NOT going to qualify.
There are times when the existing loan terms don’t work with the homeowner. The reasons may vary but the most common is financial hardship and this often leads to delayed or unpaid mortgage payments. Working with the lender through restructuring or mortgage modification may be the best answer that can save your home from foreclosure. According to President Obama’s plans, the goal is to reduce the homeowner’s monthly payments to around 31% of the gross income. The modifications will be standardized and the guidelines used by Fannie/Freddie Mac will be used throughout the mortgage industry. So who can qualify for the government’s housing plan? If the value of home is lower than the mortgage balance or if the homeowner is ‘underwater’, then he or she can qualify for the housing plan. Mortgage payments exceeding by 38% of the monthly income of individuals are covered by the plan. To ensure the cooperation of the lender, the federal government
will pay for the cost of reducing the monthly payments at 31% of the monthly income of the debtor. Speculators are not eligible for restructuring. This means that if you bought a home for purposes of investment, you will not qualify for the plan. Loan limits are also going to be followed, and if you exceed the limit, you’re not eligible as well. Another requirement for the housing plan of President Obama is that the homeowner and the family should still be residing in the house. You will have to wait until March 4th of this year to get the plan’s details. All you have to do is call the lender and consult with the loss mitigation department. It’s a good thing that the President of the US cares about the people and their homes. Determine if you qualify for the loan modification now.

View this post on my blog: http://www.federalpersonalloan.com/federal-personal-loan/loan-modification-and-the-housing-plan-of-president-obama.html