The Obama Administration is attempting another housing crisis rescue. This time it targets five states hardest hit by home price declines and unemployment. The objective is to give home rescue aid to homeowners destine for foreclosure because of unemployment, underemployment, or medical crisis.
Following are some tips on Obama Mortgage Assistance in order to save your property from being foreclosed: Your mortgage deed must be insured or owned by Freddie Mac and Freddie Mae so as to make you eligible for the mortgage modification or the refinance.
Here are some things that banks and mortgage lenders can now offer you: The bank or mortgage lender can lower your monthly mortgage payment to 31% of your gross monthly income. Home interest rates can go as low as 2% in order to meet these guidelines set by President Obama. Homeowners will not have to pay any fees for home loan modification. These will be paid by the Government as part of the mortgage bailout plan. The bank or mortgage lender has the option of setting up a balloon payment at the mortgages end if the monthly payments were too low.
Any balloon payments will have to be paid off in full should the homeowner want to sell or again refinance their property.
The rates of interest have now been reduced from 6.5% to 5.16%. The mortgage monthly payment now can not be higher than 31% of the borrower’s gross monthly income. Also the total of all credit payments taken together can not exceed 55% of the pre tax income. The banks and mortgage companies are now willing to hear on the plea of the home owners and help them save their homes. The Federal Government has announced cash incentive of $ 1000 per loan modification & refinance.
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