Get Help and Avoid Foreclosure with Obama’s Home Stimulus Package
The $275 billion stimulus package is meant to offer you help if you are currently facing bankruptcy or foreclosure. Below are the key points.
- The responsibility is on you to research which credit, grant or loan program is right for you. You will need to carefully evaluate what is available, requiring intimate knowledge of your current financial situation. The best sources for information are through your lender, banks or the government.
- With the plan, you will be allowed to pay off your debts and keep your mortgage concurrently.
- You no longer need to meet the 20% equity rule you refinance your loan. If you owe 105% of your home’s market value, you will be waived from this requirement.
- Those with a Freddie Mac or Fannie Mae mortgage can qualify for a loan modification or a refinancing.
- The current interest is now 5.16%. Previously it was at 6.5%
- With a focus on making monthly payments more affordable, your new payments after modification cannot exceed 31% of your gross monthly income.
- The Housing and Urban Development department has been instructed to provide free services to help you with your loan modifications and renegotiations with your lender. Lenders will also earn $1000 for each successful loan modification. Currently, banks would rather help you keep your loan rather than foreclose on your property.
The Stimulus Package is here to help you with your financial situation. Be sure to take the time to learn about the options to help keep your family in your current home.
For tips and facts about how you can benefit from Obama’s Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
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The $275 billion stimulus package is meant to offer you help if you are currently facing bankruptcy or foreclosure. Below are the key points. – The responsibility is on you to research which credit, grant or loan program is right for you. You will need to carefully evaluate what is available, requiring intimate knowledge of your current financial situation. The best sources for information are thr…
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