The fluctuating US economy and the recession together have led to a flood of foreclosures and bankruptcies. Obama Stimulus Refinance Program as introduced by the Federal Government aims at stopping these foreclosures and bankruptcy. This Package holds 'affordability' as its keyword to save the home owners. The owners can go for refinancing at lower mortgage payments under Obama Stimulus Refinance Program
The home owners who have missed any of their monthly payments can apply for the Mortgage Modification under Obama Stimulus Program. For this, you need to check certain things that can help you refinance your existing mortgage at affordable monthly payments.
Here are the tips how you can be eligible to Refinance Your Mortgage under Obama's Stimulus Refinance Program
- Your mortgage value should exceed the current market value of the house over 105% so that you are eligible to apply.
- Your mortgage deed should be owned or insured by Freddie Mac and Fannie Mae.
- The rates of interest for Obama Stimulus Refinance Program have been reduced from 6.5 to 5.16% now.
- The monthly payment has been made to 31% of the gross monthly income of the owners. The banks cannot go above that.
- You can directly contact the bank through its loan modification department or by visiting the official website of the bank to apply for the mortgage modification.
- You can go to the counselors appointed by the US Housing & Urban Development department. These counselors would help you choose the right option. They do not even charge you any fees for the guidance provided to you. They act as your representative in front of the bank in the dealing.
So, the Federal Stimulus surely helps you refinance your mortgage provided that you take care of certain things.
Here are some points that help you getting mortgage refinance under Obama Stimulus Refinance Program
• Try to be polite during the dealings with the bank
• Draft the hardship letter if you have missed any of your monthly payments. Be sure that the situation does not arise that you get the 'Notice of Default.' After the notice it becomes a legal matter and it would worsen the situation for further negotiations with the bank.
• Keep your documents complete. The required documents include your tax details, credit details and expenses details.Obama Stimulus Program can help you provide if all the details are completed along with required documents attached to it.
To know more about Obama's Stimulus Refinance Programs and to check if you qualify
The home owners who have missed any of their monthly payments can apply for the Mortgage Modification under Obama Stimulus Program. For this, you need to check certain things that can help you refinance your existing mortgage at affordable monthly payments.
Here are the tips how you can be eligible to Refinance Your Mortgage under Obama's Stimulus Refinance Program
- Your mortgage value should exceed the current market value of the house over 105% so that you are eligible to apply.
- Your mortgage deed should be owned or insured by Freddie Mac and Fannie Mae.
- The rates of interest for Obama Stimulus Refinance Program have been reduced from 6.5 to 5.16% now.
- The monthly payment has been made to 31% of the gross monthly income of the owners. The banks cannot go above that.
- You can directly contact the bank through its loan modification department or by visiting the official website of the bank to apply for the mortgage modification.
- You can go to the counselors appointed by the US Housing & Urban Development department. These counselors would help you choose the right option. They do not even charge you any fees for the guidance provided to you. They act as your representative in front of the bank in the dealing.
So, the Federal Stimulus surely helps you refinance your mortgage provided that you take care of certain things.
Here are some points that help you getting mortgage refinance under Obama Stimulus Refinance Program
• Try to be polite during the dealings with the bank
• Draft the hardship letter if you have missed any of your monthly payments. Be sure that the situation does not arise that you get the 'Notice of Default.' After the notice it becomes a legal matter and it would worsen the situation for further negotiations with the bank.
• Keep your documents complete. The required documents include your tax details, credit details and expenses details.Obama Stimulus Program can help you provide if all the details are completed along with required documents attached to it.
To know more about Obama's Stimulus Refinance Programs and to check if you qualify
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