Mortgage Investors Getting Protection From Obama’s Housing Bill
January 5th, 2010 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
Mortgage Investors Getting Protection From Obama’s Housing Bill
January 3rd, 2010 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
6 Big Questions on Obama’s Making Home Affordable Program
January 2nd, 2010 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
6 Big Questions on Obama’s Making Home Affordable Program
December 31st, 2009 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
Mortgage Investors Getting Protection From Obama’s Housing Bill
December 31st, 2009 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
6 Big Questions on Obama’s Making Home Affordable Program
December 29th, 2009 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
Mortgage Investors Getting Protection From Obama’s Housing Bill
December 28th, 2009 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
6 Big Questions on Obama’s Making Home Affordable Program
December 27th, 2009 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
Mortgage Investors Getting Protection From Obama’s Housing Bill
December 15th, 2009 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
Mortgage Investors Getting Protection From Obama’s Housing Bill
December 13th, 2009 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
Obama’s 2% Rate Loan Modification Plan – How it Works & Which Homeowners Qualify
December 11th, 2009 by adminObama’s loan modification plan is available for borrowers facing financial hardship and at risk of losing their home. Under this program, your home loan could be revised so that your monthly payment is reduced to an affordable amount. The goal is to keep families in their homes, stop foreclosures and allow the economy to recover.
The plan is called Home Affordable Modification Program-or HAMP. This home retention plan is paid for by the federal government-your tax dollars-so do not hesitate to take advantage of this helping hand. Over 5 million homeowners are expected to benefit under this $75 billion government program. Here’s the basics of the plan:
- All homeowners who ask for consideration must be reviewed for eligibility-even if they have been turned down previously
- Borrowers must show evidence of a financial hardship or the imminent risk of default
- Lenders must follow a standard formula to determine if a borrower meets the federal qualification guidelines-reducing the interest rate to as low as 2%
- Homeowners who meet the basic guidelines will be asked to submit a loan modification application, including a financial statement and proof of income
The banks are motivated to modify as many loans as possible for a couple of reasons. The lenders will be paid by the Treasury Department for each loan they modify using the standard federal terms. Also, President Obama has strongly encouraged all banks to reach out to homeowners to offer this plan-whether they are behind on their payments or not. If a financial hardship exists, then a homeowner is encouraged to begin the application process.
What should you do if you need a 2% mortgage modification? The first step is to learn more about the federal guidelines for approval and just what it takes to meet those guidelines. Do not complete your paperwork or disclose your financial information until you understand the 4 step formula your bank will use to qualify you. This is not the time to take any chances. Learn, prepare, then apply-this is too important to risk denial.
Mortgage Investors Getting Protection From Obama’s Housing Bill
December 11th, 2009 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
6 Big Questions on Obama’s Making Home Affordable Program
November 27th, 2009 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
6 Big Questions on Obama’s Making Home Affordable Program
November 26th, 2009 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
6 Big Questions on Obama’s Making Home Affordable Program
November 26th, 2009 by adminThe Obama administration’s “Making Home Affordable” Program has been in the headlines since its announcement in early March. Attending to both refinancing and loan modifications, the program gives struggling homeowners additional options as they decide on the best options to lower their mortgage obligations, catch up on payments, and stay out of foreclosure. The program has also raised a lot of questions, so here are some of the more frequent ones being asked around the internet.
Q) Which lenders are offering the program?
A) The program was implemented first at FNMA and FHLMC and is expected to roll out to lenders across the country over the next several months. Lenders participation is voluntary unless they accepted FSA/TARP (bank bailout) funds. Those lenders will be required to offer refi’s and loan modifications under the program’s guidelines.
Q) Is there a limit on the size of the mortgage that can either be refinanced or modified?
A) A mortgage must be $797,000 or less to be eligible.
Q) Will a loan modification or refinance hurt my credit score?
A) Credit scores under the program won’t be affected as the homeowner’s mortgage is essentially being re-written. However, circumstances related to either refinancing or modifying could have an effect. For instance, missed payments leading to a modification would definitely hurt a credit score. On the upside, lower mortgage payments could give a homeowner the opportunity to pay down other debts, resulting in a better credit score over time.
