The goal of the Stimulus package that Obama has recently announced is to help homeowners make a more affordable payment and thus avoid losing their homes in foreclosure. The stimulus package opens the chance for these homeowners to modify their loans and refinance their mortgage.
Below are a few points how Obama’s package may help you:
- If your loans are insured or owned by Fannie Mae and Freddie Mac, then you are definitely eligible to do a refinance or get a loan modification.
- You can also apply for the stimulus package refinance is your mortgage amount is more than 105% of the current market value of your home.
- If you need any professional help from experienced financial counselors, you can get it for free. All you do is contact the US Federal Housing &Urban Development who will then guide you with the best financial resorts available, draft your case and act as your representative to deal with your lender. All this will be completely free of charge.
- Because of the stimulus package, banks have announced refinance and loan modification programs which you can research online to find this kind of deals.
- Your mortgage monthly payment can now be limited to 31% of your income.
- If you need any financial aid while processing your refinance or loan modification, Obama’s stimulus package provides several loans, tax credits, grants and others. Look these up and you may find something that can help you with your finances.
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6 Responses
Hi
We have our mortgage through countrywide. It is an 80/20. Countrywide said they could modify our interest rate by up to 1% if we pay 1 point on the mortgage amount. Is this legal?
also, they said we could not modify the rate on the 20 portion of the 80/20 is this a correct statement?
Thanks in advance.
Posted on April 15th, 2009 at 8:29 am
I don’t know about the legalities. However, this doesn’t sound right. You should be able to consolodate the two loans and get your monthly payment down to only 31% of your monthly income; according to President Obama’s 2009 stimulus package.
Posted on April 16th, 2009 at 2:34 am
[...] in my earlier post back in March 2009, the Obama plan eases the restrictions and requirements for homeowners so they may have a greater [...]
Posted on May 11th, 2009 at 11:31 pm
I think this Stimulus Package will certainly help us. Obama is really doing some great work
Posted on June 19th, 2009 at 9:26 am
I have to say I agree with Mortgage guy on this one. I think Obama is doing great things for the country. Thanks for all the great work.
Posted on November 17th, 2009 at 10:43 pm
Most credit card companies will hike your interest rate to 29.99% if your monthly payment is late. If you find yourself short of cash when your payment is due, it is cheaper to take a cheap payday loan than to have your entire balance hiked to 30%.
Posted on December 7th, 2009 at 2:55 pm
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