Program are to reduce mortgage payments for At Risk Homeowners
and create financial stability at the local, State and National level
by reducing the number of defaulting loans and foreclosures that
have flooded the Markets in 2007 and 2008 and continue in 2009.
Some Highlights of the Making Home Affordable Program
- Clear and Consistent Guidelines for Loan Modifications
- Required Participation By Financial Stability Plan Participants
- Modifications of Home Mortgages During Bankruptcy
During Bankruptcy When A Borrower Has
No Other Options
- Strengthen Hope for Homeowners and Other FHA Loan Programs
Reducing Monthly Payments
For many families, a low-cost refinancing could reduce mortgage payments by thousands of dollars per year. For example, consider a family that took a 30-year fixed rate mortgage of $207,000 with an interest rate of 6.50% on a house worth $260,000 at the time. Today, that family has $200,000 remaining on their mortgage, but the value of that home has fallen 15% to $221,000 – making them ineligible for today’s low interest rates that generally require the borrower to have 20% home equity. Under this refinancing plan, that family could refinance to a rate near 5.16% – reducing their annual payments by over $2,300.
Focusing on Homeowners At Risk
Homeowners at risk, such as those suffering serious hardships, decreases in income, increases in expenses, payment “shock,” high combined mortgage debt compared to income, who are “underwater” (with a combined mortgage balance higher than the current market value of the house), or who show other indications of being at risk of default may be eligible for a loan modification. Eligibility for the program will sunset at the end of three years.
How the Program Works
The Home Affordable Modification program has a simple goal: reduce the amount homeowners owe per month to sustainable levels to stabilize communities.
Now that you have better idea of the goals of Obama's Making
Home Affordable Program you may want to consider using a
service that offers you FREE PRE-QUALIFICATION using the
Guidelines of the Program Above. Find out if you Qualify!
No Closing Cost/No Credit Qualify Loan Modification Refinance
If you qualify, you will submit your details and Mortgage Loan
History and the company will perform a Forensic Mortgage Audit
and prepare the package that you will need to present to the Bank.
Using the same software program as the Lenders, our package
has a 90% success rate of acceptance.
If you run into any trouble, we have Attorneys on our list that
will help negotiate your Obama Loan Modification Refinance
on your behalf.
If you are behind in payments or about to be behind, ACT NOW
Contact Us: ObamaRefi@gmail.com
