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Obama’s Stimulus Package for Mortgage Refinancing and Loan Modifications Incentive Programs | ArticlesBase.com
July 29, 2009 | Leave a Comment
If you currently are residing in a home that you suddenly are not able to maintain payments on, receiving some sort of financial assistance might be the only way to avoid foreclosure or filing for bankruptcy. Fortunately, President Obama's new Stimulus Package of 2009 provides a way for millions of Americans to afford their mortgages while keeping banks from suffering further loses.
There two options from which to choose for assistance, namely mortgage refinancing and receiving a loan modification.
With mortgage refinancing, you can receive a lower interest rate or change the terms of your mortgage if your lender is Fannie Mae or Freddie Mac. This is based on:
1. You do not owe more than 105% of your home's market value
2. You are current with your monthly payments
3. Your financial situation has not kept you from continuing to afford your monthly mortgage payments and other bills.
With a loan modification, you can modify your existing loan's terms through the rate, the type of loan, or by extending the loan to 30 or 40 years. You may qualify if:
1. Your new payment includes interest, insurance, HOA fees, and taxes, combined to equal 31% of your gross monthly income.
2. You currently reside at the property for which you are seeking assistance.
3. Your mortgage payoff amount is no more than $729,750.
4. Your mortgage originated before January 1, 2009.
5. You have proven you have the ability to continue making the modified payments for the 3-months trial period.
By following the advice in this article you can use Obama's new stimulus package to the fullest and make the best out of your situation.About the Author:
For tips and facts about how you can benefit from Obama's Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
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