Obama Refinance Plan – Mortgage Help that You Need to Avoid Foreclosure
Posted on | February 26, 2010 | 1 Comment
The Obama refinance plan was created to help all homeowners lower their overall mortgage payments which would help them to avoid foreclosure. If you currently need mortgage help and you cannot make your mortgage payments then you need to decide whether you should refinance or get a home loan modification.
If you are looking to refinance it is extremely important that you have a good credit score and equity in your home. You will need a credit score well above 700 and a significant amount of home equity to have the ability to refinance to low mortgage rates.
If you do not have these requirements then you may want to seek a home loan modification. This will allow you to lower your overall monthly mortgage payments to 31% of your monthly household income. This could greatly help you to avoid foreclosure and make your mortgage payment.
Pres. Obama and his staff have worked very hard to make sure Americans can stay in their homes. Make sure to take advantage of this opportunity and adjust your mortgage payment to something bearable in your current financial state.
Author: Tiffany Mann
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One Response to “Obama Refinance Plan – Mortgage Help that You Need to Avoid Foreclosure”
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February 26th, 2010 @ 12:23 pm
The problem is that homeowners who would qualify for HAMP have likely already applied. This new proposal – to force all foreclosures through this process – will force bad candidates though the system, delaying the inevitable. Not to mention only 12% of HAMP modifications have resulted in permanent modifications, and even those are failing at a rate of 10% per year.
Obama’s foreclosure ban proposal will just delay the inevitable
http://www.pacificnorthwestcoastbias.com/obamas-foreclosure-ban-proposal-will-just-delay-the-inevitable/