What does a homeowner need to do to take advantage of President Obama’s “Making Home Affordable” plan? How can I use this plan to get a more affordable mortgage through refinancing or home loan modification? Here are your answers:
The “Making Home Affordable” plan is a homeowner bailout program proposed by President Obama and enacted by the Government. This $80 billion plan allows homeowners the opportunity to get a mortgage refinancing or modification into a new, fixed low interest rate, home loan. This is possible because most of the $80 billion will be used to give to mortgage lenders and banks who approve applications for modification or home loan refinancing from “at risk”, or financially struggling homeowners. The stimulus money given to the lenders will help them lower any risks they are taking on by approving at risk homeowners, making it easier than ever to actually get an approval. Homeowners who have bad credit, a bad ltv (loan to value) ratio, or have been denied on their refinancing or modification in the past, now stand a much better chance of getting approved.
Homeowners who happen to be facing a “financial hardship” can also use this plan to their advantage and get a home loan modification. Financial hardships are considered anything which is out of your control. Look to for help at fannie mae loan lookup for where your loan is. These things include, among others, loss of job, hospital bills, reduced wages, increased mortgage payments, and a whole list of other things. Homeowners who are facing these problems should write them down, along with their plan to get their finances back on track, and include this letter in their application. Also, include any related documents and bills relating to these financial hardships such as bank statements, tax returns, or layoff notices.
Right now is a great opportunity for millions of homeowners to get a new mortgage. The Making Homes Affordable will save homeowners money, save homes from being foreclosed on, restore consumer confidence in the housing market, and help the overall economy. Homeowners have never had an easier or more beneficial Government program to take advantage of. Contact your mortgage lender or bank and ask about the potential savings you can get through President Obamas “Making Home Affordable” plan.
