7 Points on the Obama's Loan Modification Plan:
1. Focus on making distressed homeowners mortgage payments affordable without changing the value of the home.
2. Government assistance to further reduces the monthly payments.
3. Cash incentive for servicer to assist homeowners.
4. Targeting homeowners with serious financial hardships.
5. Clever present value testing to encourage board participation.
6. Incentives to extinguish home equity lines of credit.
7. Plan that reduces foreclosures for primary residences.
Obama’s Mortgage Loan Modification Plan
In an effort to rescue the housing market and to help distressed homeowners, President Obama on March 4, 2009 announced the Home Affordable Stability Plan (H.A.S.P). The President has dedicated $75 billion for this loan modification plan. This plan will help approximately 4 million struggling homeowners avoid foreclosure by stabilizing their mortgage payment to an affordable level.
This plan will likely lower your interest rate, extend the term of your mortgage to as far as 40 years, possibly forebear or forgive a portion of your principal mortgage balance to attain a mortgage payment equal to 31% of your monthly house income and addresses the issue of home equity lines by offering incentives to discharge them.
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Total Monthly Payment on Your First (Or”primary”) Mortgage
Be sure to INCLUDE principal, interest, taxes, insurance and homeowners association dues if if applicable. If you need help, click here.
Be sure to INCLUDE principal, interest, taxes, insurance and homeowners association dues if if applicable. If you need help, click here.
Total Monthly Payment on Your First (Or”primary”) Mortgage
Be sure to INCLUDE principal, interest, taxes, insurance and homeowners association dues if if applicable. If you need help, click here.
Be sure to INCLUDE principal, interest, taxes, insurance and homeowners association dues if if applicable. If you need help, click here.
This is Your Current Debt-to-income (DTI) Level 1%
This is Your Current Debt-to-income (DTI) Level 1%
This is Your Current Debt-to-income (DTI) Level 1%
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