Obama Mortgage Plan Find Out If You Qualify
This article describes the Obama mortgage plan and how to know if you qualify. This is a great program to lower homeowners monthly mortgage payments (as low as 2%) who do qualify.
Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible. Are you eligible for a Home Affordable Modification ( the Obama Mortgage Plan)? Just answer these questions:
1. Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?
If you answered yes to these questions, you are a good candidate for this program. Under the Obama mortgage plan guidelines, your lender may lower your mortgage payments to no more than 31% of a borrowers pre tax monthly income.
This is done by:
* 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.
If you would like more information on this program and help getting approved, just visit Obama Mortgage Plan.
Here's is an example of what they got one of their clients with the Obama mortgage plan:
H.A.M.P. Modification Completed:
1. Down Payment/Contribution: $ 0
2. Payments of: $ 1,974.76
4. First Payment Due On: 9-01-09
5. Last Payment Due On: 11-01-09
(This one is on a trial basis. If the borrower makes these new payments on time they are guaranteed the modification. Very important not to miss these payments!)
1. Old Interest Rate: 6.450% with PITI payments of: $ 2,686.99
3. New Mod Interest Rate: 2.87% PITI with payments of: $ 1,974.76
4. Total Monthly Savings with the Mod: . . . . . . . . . . . . . . . . . . =
. . . . . . . . $ 713.23
Notes: Borrower is very happy with the modification.
This is just one example. Depending on your loan and payment, you could save hundreds and maybe thousands per month under these guidelines.
Questions and Answers
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