Government Mortgage Refinance Plan – Let Obama Help You Save Your Home
Posted on | December 9, 2009 | 3 Comments
The government mortgage refinance plan was created to help homeowners avoid foreclosure and stay in their homes. Pres. Obama has worked very hard to keep mortgage interest rates low and to allow homeowners to modify their mortgage to lower monthly payments. Unfortunately it has been a struggle to get the making home affordable modification program off the ground but it is slowly picking up steam.
One of the first options you should consider when attempting to save your home is to see if you can refinance to a lower mortgage interest rate. If you have a very bad credit score and very little equity in your home that it is unlikely that you will be able to refinance to extremely low rates. This does not mean that you can not benefit from the refinance process. If you can save a full percentage point on your mortgage interest rate than you could save hundreds of dollars in monthly mortgage payments.
The only way you will know if you’ll get a lower mortgage interest rate is to go to the mortgage refinance process. You will have to submit an application to a mortgage lender and let them determine what rate you qualify for. This rate will be greatly determined by the equity in your home and your current credit score. If you find that you cannot refinance to a lower mortgage rate and modification might be right for you.
All lenders are expected to help borrowers go to the mortgage loan modification process but it has definitely gotten off to a rough start. The amount of paperwork you will have to do is very challenging. Please understand this before you go into this process. One of the main reasons that most loan modifications do not become permanent modifications is because the right paperwork is not submitted.
To find out more about the home loan modification process please make sure to check out the making home affordable website. This website will tell you all the information you need to know and will also give you a sufficient amount of information on home refinance as well. If you do not understand the financial jargon that might be a good idea to contact a HUD representative.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Heather Best
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3 Responses to “Government Mortgage Refinance Plan – Let Obama Help You Save Your Home”
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December 10th, 2009 @ 8:08 am
There are tons of options available for people facing foreclosure. People should be jumping all over them instead of letting their home just go due to the mortgage bill coming in the mail.
December 11th, 2009 @ 4:23 pm
Originally Posted by Help4Home View Post
“The Obama administration announced the Home Affordable Modification Program on March 4 2009, officially allowing up to 9 million homeowners to reduce their mortgage payments by modifying their loans. A Loan Modification is a process of modifying your current mortgage to give you a lower interest rate. This allows you to receive a lower monthly payment, without having to refinance” Obama Administration.
The guidelines and outline are available if you search the internet. You can also view the documents on the following website, under “Helpful Resources”
http://www.homeaffordabilityprogram.us
If anyone else needs help or has any questions when refering to this program feel free to PM me.
I hope this helps, and happy Holidays to all of you
December 11th, 2009 @ 9:45 pm
This program is not helping the people that really need it, I can vouch for that from experience. They do not take into account certain necessity bills you pay out and when we tried to do it we were told we make 185.00 too much and have been struggling for months to get some kind of help. We have already started using CCC for most of our bills to avoid the thought of filing bankrupty and thought if we could get into this program for the short time we could get back on track and not have to use any of the programs. don’t think you will qualify just because the message says you will. It says if your home is 750.000 or less you qualify and that is deceiving. The are not using common sense qualifiers to qualify people and only those with the big money homes are most likely the only ones qualifying. What happened to helping people making below the 75000 area and trying to survive in this economy and constant rising costs of everything. We were fine just a year ago then when the new bill passed about credit card companies, we were jammed to the max and had good credit and never a late bill. So really we can thank the credit industry for a lot of the problems happening these last months to many people and these are the same companies our tax dollars bailed out and won’t even help our the consumer that bailed them out. I think sometimes some of these companies should have been let fall that would have showed them they are the big and mighty. It sure wouldn’t have hurt the economy anymore that it already is. An where is the economy getting better as they keep saying and I watch company after company either layoff hundreds or completely shut down, and watch the Senate pass bills for their little playmoney earmarks in the amounts of trillions while the taxpayers that have to pay for this suffer……..