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Obama Mortgage Refinance Plan How it Works and Will You Qualify

September 9th, 2009 by refinancemortgagerates

If you are a homeowner who is struggling to make your monthly mortgage payments, missed payments or are even facing foreclosure, the Obama mortgage refinance plan may help you get the financial relief that you need.

The plan was designed to stop the surge of foreclosures across America. It gives lenders and more incentives to provide loan modification for homeowners who qualify. How do you qualify?

Answer these questions:

  • A. Is your home your primary residence?
  • B. Is the amount you owe on your first mortgage equal to or less than $729,750?
  • C. Are you having trouble paying your mortgage?
  • D. Did you get your current mortgage before January 1, 2009?

See If You Qualify…….!

If you answered yes to these questions, so far you are a good candidate for this program.

Here is some more information:

  • Modifications may be available for borrowers who are delinquent (including that currently in foreclosure) or for borrowers facing the imminent risk of default because of a documented inability to continue making their current monthly payments.
  • The property must be occupied as the borrower’s primary residence and most property types are eligible including, one- to four-unit properties, condominiums, co-ops, and manufactured homes.
  • Mortgages originated on or before January 1, 2009 are eligible and the unpaid pre-modification principal balance can be as high as $729,750 (more for two- to four-unit properties). If you are eligible for this program, you will be able to lower your monthly mortgage payment to no more than 31% of you total monthly net income. This will be accomplished in the following ways:
  • First, reduce the interest rate to as low as 2%,
  • Next, if necessary, extend the loan term to 40 years,
  • Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

This is a great program for those who qualify. If you want more information on this program and assistance to increase your chances of acceptance, just visit the links below.

Through this Stimulus plan one can get excess of money to pay other bills like education and money. Thus it can work as cash out refinance. Home mortgage refinance at the refinance mortgage rates of 2-3% would be applicable for properties that are being used for residence.

Loansstore also provide bad credit mortgage refinance plan if you have bad credit, poor credit or even no credit you can apply for this plan & also provide second mortgage loan .

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This entry was posted on Wednesday, September 9th, 2009 at 10:34 pm and is filed under Mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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