Obamas homeowner loan program
Obama’s homeowner loan program (titled the Affordability and Stability Plan) is likely to help only 30-40% of those in need of mortgage reduction assistance. Though the act itself is lengthy, there are a few key criteria that must be met in order for homeowner’s to benefit.
Obama’s Homeowner Loan Program Obama’s homeowner loan program (titled the Affordability and Stability Plan) is likely to help only 3040% of those in need of mortgage reduction assistance. Though the act itself is lengthy, there are a few key criteria that must be met in order for homeowner’s to benefit. Eligibility requirements for participating in the plan include: Only homeowners with loans through Fannie Mae and Freddie Mac qualify Borrowers can’t owe more than 105% of the value of their home The home must be the primary residence The question that remains to be answered is what foreclosure prevention options remain for people who have suffered the greatest losses in home values and soaring interest rates? MSNBC.com reports (via an Associate Press article) suggest homeowners “Contact your lender or mortgage servicer regarding other modification programs or refinance options. Alternatively, contact a local housing counselor to negotiate with your lender or servicer, to help locate other local resources like rescue grants or loans, or to facilitate a short sale or deed-in-lieu of foreclosure if staying in the home isn’t possible.” “In Portland, RE Acquisitions has seen a dramatic increase in phone calls from homeowners in need of assistance. “We understand the options for foreclosure prevention. We want to make sure that no one has to go through that experience unless there are absolutely no other alternatives.” RE Acquisitions is a Portland, OR based short sale servicing and foreclosure prevention firm. It is easy to let the pressure of today’s economy build into a feeling of hopelessness. But before you walk away from your house, contact a debt negotiations specialist like RE Acquisitions (www.sellhomeowner.com) for help. You have options; don’t lose your house without exploring all possible alternatives. Keywords: Mortgage Reduction, mortgage rate reduction, foreclosure loan, lower my mortgage