Home Loan Modification – Obama’s Making Home Affordable Helps You
Posted on | October 30, 2009 | 2 Comments
Going through the home loan modification process might be just what you need to avoid foreclosure and save your home. President Obama’s Making Home Affordable plan was created to help you do just that. WIth the number of foreclosures increasing every single quarter not only has the economy taken a hit but every consumer has taken a hit as well.
With this in mind the Obama administration created the Making Home Affordable plan to help you lower your monthly mortgage rate in an effort to save your home. The easiest way to lower your monthly mortgage payment is to refinance to a lower interest rate. With mortgage interest rates currently below 5% many home owners stand to benefit from a home refinance.
Even if you cannot get a mortgage rate as low as 5% you still have an opportunity to save money by refinancing. If you are going to save a full percentage point on your current mortgage rate then you will benefit from going through the refinance process. If you will not save a full percentage point then you are likely going to find that the costs of the refinance outweigh the benefits.
Another way that the Making Home Affordable plan can help you is to modify your mortgage. If you are paying a large amount of your monthly income on your mortgage payment then you could benefit from a mortgage modification. The are some in depth statistics as to how the program adjusts your mortgage but in more words or less you will end up paying a lower amount on your mortgage payment now.
Getting your monthly mortgage payment lowered could go a long way in helping you make ends meet and ultimately saving your house. Even if you have bad credit you can still benefit from the Making Home Affordable plan. Make sure to do your research on the Making Home Affordable website and do what it takes to avoid foreclosure and save your home!
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Author: Alan Lake
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2 Responses to “Home Loan Modification – Obama’s Making Home Affordable Helps You”
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November 1st, 2009 @ 4:15 pm
I recently went to a save your home dream giving by NACA they are trying to help my with that but unfortunately the Mortgage company that i have my mortgage with in Homeq Services and they do not what to work with me at all i have recently wrote to there CEO of there Company one name is Keith Becher he did write my back once and let me that he think i may be eligible for there Home Affordable Modification Program he ask me to call (877) 867-7378 I did I spoke with some name Jenny she told my some thing diffident that I am not Eligible for there Home Affordable Modification Program. I ask her why she said that i do not make enough money I told here that why I need the Modification to stay in my home me and my children. I try to talk with Mr Becher and also wrote, email him sever time there was no responds at all they will not tell me why I am no Eligible for the Modification that is why I am writing to you. They also send a letter saying that Loan terms cannot be sufficiently modified to produce government required housing debt to income ratio is that true. If that is i thought when you get a Modification is when you lost your and are a income and having trouble paying there mortgage payment. because if you the money why would you need a modification. if this is really web that works with President helping people with there mortgage that read this letter please help me and take with Homeq Servicing because my and my children will be homeless we do have no were to go and i also let Mr.Keith Becher no that also. if you can help please help me Thank You Gail McCraney and family . are if you of some one that can help me please let me no
November 1st, 2009 @ 4:24 pm
I recently went to a save your home dream giving by NACA they are trying to help my with that but unfortunately the Mortgage company that i have my mortgage with in Homeq Services and they do not what to work with me at all i have recently wrote to there CEO of there Company one name is Keith Becher he did write me back once and let me that he think i may be eligible for there Home Affordable Modification Program he ask me to call (877) 867-7378 I did I spoke with some name Jenny she told me some thing diffident that I am not Eligible for there Home Affordable Modification Program. I ask her why. she said that i do not make enough money I told her thats why I need the Modification to stay in my home me and my children. I try to talk with Mr Becher and I also wrote and email him sever time there was no responds at all. they will not tell me why I am no Eligible for the Modification that is why I am writing to you. They also send a letter saying that Loan terms cannot be sufficiently modified to produce government required housing debt to income ratio is that true. If that is true i thought when you get a Modification is when you lost your and are a income and having trouble paying there mortgage payment. because if you have the money why would you need a modification. if this is really a web that works with President Obama helping people with there mortgage that read this letter please help me and take with Homeq Servicing because me and my children will be homeless we do not have no were to go and i also let Mr.Keith Becher no that also. if you can help please help me Thank You Gail McCraney and family . are if you know of some one that can help me please let me no