Help For Unemployed Homeowners
"Expanded Programs Aimed At Helping Americans Modify Their Mortgages" is what the news story said...but is it true?
Vince Gerasole Reporting for CBS, Chicago told readers of the blog
"The Obama administration this week expanded programs aimed at helping millions of Americans avoid foreclosure by having their mortgages modified. "
This couldn't be more deceptive!
While the program does give relief to Homeowners who are
unemployed with a Mortgage Reduction capped at 31% of their
unemployment...it has absolutely ZERO to do with modification
of the loan.
First thing is...while the program lowers the payment now due,
it forgives nothing...the portion not required to be paid today
is ADDED TO THE BALANCE OF THE LOAN.
Not only is this only Temporary, but there is a terrible downside
for many homeowners...Unemployment benefits will no longer
be considered "Income" for the application of a permanent
Loan Modification when this program takes effect July 1.
This means that, as an example, you have one working spouse
and one on unemployment...both the working income PLUS
the unemployment benefits count as income, now. The combined
total could now be used in the application for Loan Modification.
However, after July 1...the benefits received by the Unemployed
spouse would be disregarded and, therefore, most likely, after
July 1, that family would no longer qualify for a Loan Modification.
Also, under the "Help" for Unemployed Homeowners, the loan
will have an Increasing Balance due each month on a Home that
is most likely already Upside Down...and, unlike the current
Loan Modifications programs...this is a short term, temporary fix
meant to give the Lenders whatever they can get from you, today,
then they'll come in and start foreclosing and take the home later.
Many should seek a Loan Modification
Immediately!Lenders must have a Loan Modification package before July 1.
Just to prove it...look at this excerpt from another blog post:
"The unemployed homeowners can receive up to six months of cut-rate mortgage payments, while as much as $3,000 in relocation assistance will go to borrowers who ultimately cannot afford to stay in their homes."
Throwing Homeowners out of their houses is already expected
and it's built in...$3,000 to get out after the six month "break" expires!
If you want to know if you qualify for a Loan Modification today
we have a place you can go for a 100% free, no obligation Review.
Even if you don't think you qualify...it's 100% free...
So, what do you have to lose?
Maybe your Home!
Do not lose the opportunity, under the current program, to use
your Unemployment Benefits as Income...Try to Qualify Now!
Apply your Unemployment "Income" for a Loan Modification
If you have questions...use the Contact Us box on the Website
or
Contact Us: ObamaRefi@gmail.com
Hurry! You have only a few days to submit a Loan Modification
under the current program...Lenders must get it "into their system"
before July 1.
