May 30, 2024


Mad about real estate

Loan Modification – How To Use Obama's Mortgage Stimulus Plan

Thanks to President Obama, millions of Americans can now benefit from the Home Affordability Plan under the new stimulus plan passed earlier this year.

If you’re suffering with a mortgage that you can’t afford and you’re facing possible foreclosure, read on to learn how you can get a fixed rate as low as 4.5{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4}, saving you hundreds each month on your home payments.

Natalia Osorio Editor of the “Stop Foreclosure Loans” website — — pointed out;

“…There are a number of ways a homeowner can take advantage of the new federal programs, no matter what their credit history or credit score. For the most part these programs are aimed at people that are experiencing short-term financial difficulty, such as a job loss or medical bills. If the government considers you as facing financial hardship and you’re paying more than a third of your income toward your home loan you will probably qualify to receive a loan modification…”

The loan modification will lower your monthly mortgage payment to at least lower than a third of your gross monthly income. Another qualification to receive the modification is this: all of your debts, including the mortgage payment, must not be above 51{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of your monthly income.

If you can’t afford a mortgage counselor, consider a free HUD-appointed counselor that can represent you when talking to your bank or lender. If you’ve seen the value of your home drop in the past couple of years–by 15{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} or more!–you can get your home interest rate locked in as low as 4.5{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4}. This will help you save thousands of dollars each year in interest!

$75 billion has been set aside for helping homeowners that are hurting. This funding and loan modification can actually help you stabilize your financial situation, keep your home and avoid foreclosure completely. Take advantage of this opportunity now before funding and time runs out.

“…If you’re interested in a home refinancing that can save you thousands, talk to someone that is knowledgeable about the Home Affordability Plan that President Obama has approved. Learn if you qualify for a new fixed rate and get help starting the application that can help you save your home…” N. Osorio added.

Further information about how to get professional assistance with a mortgage loan modification by