Mortgage Assistance – Can Obama Save Your Home?
Posted on | August 28, 2009 | No Comments
Mortgage assistance is something that many American home owners are seeking to help them save their homes. The amount of foreclosures has never been higher and this is likely to continue as the unemployment rate continues to climb. The less money Americans have, the harder it is to make their monthly payments especially the monthly mortgage payment. To compound matters, many Americans got in well over their heads with their current mortgage.
Luckily, President Obama and his staff realized this very early in his presidency. He has been taking the necessary steps to keep mortgage interest rates low and help you get a lower mortgage payment each month. The Making Home Affordable Plan was created to help lower your monthly mortgage payment as well as allow you to access lower mortgage rates by refinancing. Not everyone can take advantage of this plan as it only involves home loans that are back by Fannie Mae and Freddie Mac. The majority of home loans are backed by these companies though.
The plan actually states that you are to pay only 31% of your household monthly income on your mortgage payment. Remember, this does not apply to everyone, but if you are in a struggling situation, it might be worth it to do the research and find out if you qualify. If over half of your income is going to your mortgage payment, you could get that greatly reduced and save some money to pay other bills.
The other major part of the Obama mortgage assistance plan is that you should get easier access to the low mortgage interest rates we are seeing. You have probably heard and seen mortgage rates that are under 5% but you feel you cannot get these rates because of your credit score or your inexperience in the mortgage field. Well, this is no longer the case as President Obama is urging mortgage lenders to allow everyone to have access to reasonable mortgage rates. This does not mean that you will get a mortgage rate under 5% but it does mean that you will have easier access to low rates.
If you have been having trouble making your mortgage payments and you need mortgage assistance, the Making Home Affordable Plan may benefit you. The website is quite extensive so it would be smart to take your time and go through the entire website to see how you fit in. There are actually companies out there who will charge a small consulting fee for explaining this in plain English and that might be worth it over the long run to save you some time and effort.
Overall, President Obama is working very hard to make sure that you save your home and avoid foreclosure. It is now up to you to get out there and contact some of the companies that can help you save your home. It should not be hard to find these companies as they are advertising all over the television and Internet. Use this time to take the necessary steps to lower your mortgage payment and save your home!
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