Obama Administration's Making Home Affordable Program

Goals of the Obama Administration's Making Home Affordable
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

Allowing Judicial Modifications of Home Mortgages
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

Obama Mortgage Program is a Scam

Obama's mortgage plan up against fast-rising defaults

Refinancing and loan workouts are at the core of the fix. Some wonder whether it will be bold or swift enough to stabilize the market.

By Maura Reynolds
10:36 PM PST, February 18, 2009 LOS ANGELES TIMES (EXCERPTS)

The plan has two main elements aimed at the twin problems feeding the foreclosure crisis that is claiming more than 6,000 homes a day: "underwater" mortgages on which the balance owed is more than the current value of the property, and unaffordable loan payments that are forcing homeowners into default.

"All of us are paying a price for this home mortgage crisis," he said. "And all of us will pay an even steeper price if we allow this crisis to deepen."

One part would allow borrowers whose homes have lost value to refinance their mortgages at today's relatively low interest rates, even if the homeowner has little or no home equity left. To be eligible, borrowers must live in their homes and have a loan that is owned or guaranteed by Fannie Mae or Freddie Mac.

The opportunity to refinance will help "homeowners who have played by the rules [and] have been making their payments on time" but have been unable to refinance because collapsing housing prices have eroded the equity in their homes, said Housing Secretary Shaun Donovan.
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So, obviously, you have to read this carefully...

Part one says "borrowers whose homes have lost value..." ok, that's 100% of America!
I guess we all qualify so far!

"...even if the homeowner has little or no home equity left."
Well, anybody that bought their home in the last 3 years will have no problem covering
that qualification...

So..let's look deeper and see WHO REALLY QUALIFIES for this program...
(HINT: IT'S A LOT TOUGHER THAN THOSE "BAILOUT" BILLIONS...)

#1: The new programs are FOR PEOPLE NOT YET BEHIND IN THEIR PAYMENTS.
(therefore, this does NOT address the CURRENT Foreclosure problem, only the potential
EXPANSION of the current Foreclosure program...)

The plan is designed to help two kinds of homeowners. The first are people who took out prudent mortgages with a substantial down payment and have been making their payments, but who have little or no home equity because of falling housing prices. In the second group are borrowers who are struggling to make their monthly payments but would be able to make them if those payments were reduced.

So, to Recap:

• You can't be behind in your payments
• You have to be a Homeowner (Investors are on their own)
• Little to no Equity to qualify
  
• It offers to reset Interest Rates but not the Value of the property
• "Prudent Mortgages" with "Substantial Down Payments" to quality (Nobody qualifies!)
• Alternative Qualifiers are "borrowers who are struggling" but...

What if I'm already in foreclosure?

It is up to your lender to decide whether it wants to participate in the program or not. The Obama plan will increase the financial incentives to the lenders to participate, if they choose to.
But again...it is up to your lender. A program by the People, for the People...NO!

Unlike foreclosure-prevention efforts, both of the new programs are available to people who aren't yet behind on their payments. In the loan modification program, the government will pay mortgage servicers an incentive fee -- $1,500 instead of $1,000 -- if they will modify a loan before a borrower can go into default.

Let me tell you now...THIS PROGRAM DOES NOT GO FAR ENOUGH TO DO ANYTHING FOR THE TROUBLES OF CURRENT REAL ESTATE MARKETS, INVESTORS OF RENTALS
OR AMERICA'S HOMEOWNERS...It is simply geared to PROTECT THE BANKS to turn as many potentially disasterous non-performing mortgages they cherry-pick into new business as conservatively safe performing mortgage portfolios and discard the rest.
...PERIOD.

This program will throw away truly troubled homeowners like a kid would toss the Baseball Card of a light hitting Shortstop with a .200 lifetime batting average aside and keep the Superstars.

One major problem is the Credit Card companies are now wrecking the credit of many solid
American's by cutting all their "unused" credit lines, without cause...thereby, in effect, "maxing" out their accounts and driving their credit scores down (any true Recovery Plan for America
MUST address the abuses of the Credit Card industry, it's rates and it's effect on credit).

Second major problem with the Plan...MOST OF IT IS ILLEGAL...
And, this is why we say the Obama Mortgage Program is a Scam.

IF YOU THINK YOU MAY BE A VICTIM...YOU WILL WANT TO SEE FOR YOURSELF
AND GET THIS INFO...