Obama House Refinance: Get Mortgage Refinance Approval With President Obama's Stimulus
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President Obama and the Government have enacted their $75 billion Home Mortgage Modification or Refinance stimulus plan. This plan, aimed at saving homeowners from foreclosure and further financial distress due to the tough economy, will allow a mortgage to be refinanced or modified into a fixed rate 4% home loan. Here are the details:
This housing bailout plan is referred to as the "Making Home Affordable" plan and allows an estimated 9 million homeowners the chance to obtain a fixed rate 4% mortgage through refinancing or loan modification. This is a much lower interest rate than homeowners currently have and the savings easily add up into the hundreds of dollars for the average homeowner. Even if you have applied for a home mortgage refinance or modification and been rejected in the past, there is a much increased chance of you being approved now under the guidelines of this plan. Here are some of the main points of this plan which homeowners can take advantage of to save a lot of money every single month, or even more importantly, save their home from foreclosure:
Homeowners who have lost their job, income, have high debts, or other financial problems will need to write a "Financial Hardship" letter stating the facts about their finances. Everything from debts, to income, need to be included in this letter. Also, be sure to hand sign the letter as well as hand write it. If you are a homeowner who has been able to keep up and pay your mortgage on time and in full for 12 consecutive months you will be able to refinance your home loan into a fixed rate 4% mortgage. If you have been late on a payment that is ok, however as long the payment was not over 30 days late you will be ok.
Many homes have dropped in value. This Obama house refinance plan will allow an easy refinancing option for homeowners who have seen their home drop by 15% or more. Many homes have lost value as a result of the hurting housing market. This plan will help. Homeowners who purchased a home a few years ago, probably got into an ARM (Adjusted rate mortgage) loan. Now, homeowners can easily get into a fixed rate mortgage, which is more stable. This loan is a mortgage which will never raise in price every month.
An estimated 9 million homeowners can save hundreds every month by taking advantage of the Presidents home refinance stimulus plan. Carefully consider your home refinancing and modification options and make your decision today and see the savings next month.
Article Source: Articlelogy.com
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