Obama Refinance Plan – Making Home Affordable Helps Homeowners
Posted on | December 14, 2009 | 1 Comment
The Obama refinance plan was created to help home owners lock into a low mortgage interest rate. The Making Home Affordable plan is designed to help homeowners stay in their home and avoid foreclosure. An easy way to lower your monthly mortgage payment is to refinance your current home loan to a lower mortgage interest rate. This could save you several hundred dollars a month.
If you have a decent credit score and you have equity in your home then there is a good chance that you can refinance to a much lower mortgage interest rate. It is extremely important that you have some equity in your home. Many people have tried to refinance and they have found that their home value is much lower than they expected. This is causing it to be very difficult to get through the refinance appraisal step.
It is also extremely important that you have a credit score of 680 or better to get a very low mortgage interest rate. If you have bad credit and little equity in your home then you might want to consider the home loan modification process because it is not likely you can refinance to the advertised low mortgage rates. For more information on the home loan modification option make sure to check out the Making Home Affordable website.
The Making Home Affordable website is quite extensive so make sure you plan to spend several hours and possibly even a few days on this website. You could honestly sit on this site for hours and still not look at all the data that is available for free. If you do not understand all the financial terms then you might want to consider calling a HUD representative as they can help you with all your foreclosure assistance questions.
President Obama and his staff have worked very hard to help you stay in your home and avoid foreclosure. Make sure to take advantage of this opportunity and lock into a low mortgage interest rate or go through the home loan modification process. Either one of these options is likely to help you save your home and make life much more enjoyable.
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: Alan Lake
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One Response to “Obama Refinance Plan – Making Home Affordable Helps Homeowners”
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December 15th, 2009 @ 5:35 pm
It’s absolutely crazy! I speak with Homeowners everyday who are in some sort of financial distress and about to lose their home. It seems they always go one of two routes:
1. They contact one of the thousands of so called loan modification companies for help only to get completely ripped off by upfront fees and/or complete incompetence.
2. Or, They attempt to contact their mortgage lender by themselves and end up getting the complete run around by an employee of the lender who is doing everything possible to get the homeowner to agree to something that is in the best interest of the bank NOT the best interest of the Homeowner.
People in tears tell me these stories every day I come to work. It’s really is terrible. The bottom line is there is a true need in our country now for companies who can help these homeowners save their homes and deal with the bank’s B.S. in an experienced and thorough manner. The problem is 99 out of 100 companies in this industry are flat out frauds and couldn’t care less about the well being of these homeowners.
I’m not saying what I do is perfect, but at least we are honest and we actually care if someone stays in their home or not. I would challenge anyone to find a single ill statement about PMC. Seriously, start googling.
If you or someone you care about is in a pickle with their mortgage, you could do a lot worse than refer them to this page: http://www.pmcloanhelp3.com
Best of luck to you all and Happy Holidays.