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Obama's Home Refinance Stimulus Plan to Save Your Home

We simply cannot turn on the television news without hearing about another company closing their doors. Talk to your neighbors, odds are good that they have either been laid off, had their hours cut, or maybe had benefits taken away. Take a walk down a busy street, you have probably bumped into a handful of people that are about to lose their homes. Each of us has been hit hard with all of the cuts being made during this economic crisis. Perhaps you are one of those handfuls on that busy street, about to lose your home. Maybe you now owe more than the house is worth, or maybe you just cannot make that monthly mortgage payment with that unemployment check. President Obama has two new ideas to help you save your home with his home refinance stimulus package.

The first option is the "Home Affordable Refinance" plan. This part of Obama's home stimulus package requires that you are current on your mortgage. Basically, this plan will lower your interest rates which in turn will lower your monthly payment. The principle owed will not change, just the interest rate. The equity you already have in your home will also continue to increase under this home stimulus plan. If you are current on your payments and the home is your primary residence, you have until June 10, 2010 to apply for this "Home Affordable Refinance" plan.

The second option under Obama's home stimulus package is the "Home Affordable Modification" plan. In order to qualify for this home loan modification, your primary residence housing expenses must be more than 31% of your total gross income. If you lost your job or had a major medical expense and can no longer afford your mortgage payments you should talk to your bank regarding this home loan modification process. The Treasury Department is willing to help with this home stimulus plan as well. Each month that you make your mortgage payment on time, they may make a payment that will apply directly to your principle. If you qualify for this part of Obama's stimulus plan, over a 5 year span the Treasury may pay as much as $5,000.00. You have until December 31, 2010 to talk to your bank about this loan modification help. The federal government is trying to save our homes!

by Scott A. Kennedy

49 comments:

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I have already this Obama plan, but the easy home loans can make it difficult to pay back in future.

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mercy said...

Avoid foreclosure with a loan modification also known as a loan workout . Loan modifications can lower mortgage payments and help stop foreclosure by modifying the terms of your mortgage loan.

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Ryan said...
This comment has been removed by the author.
Ryan said...

My sister is in the US, she was having a hard time paying her debts because she just had a baby and his husband is not earning enough for their support. I think that Obama's Home Refinance Stimulus Plan is a great idea! After learning about this plan, my sister was able to talk to her bank regarding home loan modification process because she just had a major medical expense. The Home Refinance Plan will definitely give people hope, that they are getting all the help that they need and that they are not alone with their debts.

Here in Calgary, best mortgage rates are being offered to us by a number of banks and institutions. My wife, after consulting to a licensed mortgage broker, (Calgary, Alberta based) was able to take advantage of a good mortgage plan. Why good? Well, I can say that the rates are competitive and very suitable to us. Now, I know that we will be able to stay on top of our finances.

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it helps to boost mortgage homeowners refinance or modify their mortgage at a fixed rate of 4.5%. This is really great and really helpful!
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Abbie said...

President Obama's stimulus plan to modify your home loan looks very promising, especially to the recently unemployed. Also in Calgary, mortgage company gives various rates that helps everyone to have a house to live in and still have the chance to save for their future at the same time.

In my case, before moving to my new home in Alberta, home mortgages has rates that makes it easier for me to move and save enough money for utilities.

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