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 In my previous post, I provided an overview of the President Obama's $75 Billion Mortgage Bailout To Reduce Foreclosures Plan.
In this post, you will get an overview of President Obama's U.S. Housing Affordability and Mortgage Relief Resue Plan. Read below to find out if you meet the criteria.
1. If you own a single-dwelling home with a mortgage up to $729,750 that was originated before January 1, 2009. There are higher mortgage limits for owner-occupied building with multiple tenants.
2. Second-lien home equity loans could be removed if you stay current with your payments as well as your loan principle being reduced by $5,000 with lenders getting additional incentives.
3. Non-owner occupied properties do not qualify for the U.S. Housing Affordability and Mortgage Relief Rescue Plan.
4. If you have outstanding debt other than your mortgage and it equals to 55% or higher of your income you will have to agree to take a federally certified counseling program to be considered for a mortage modification.
At the end of the day, the goal is to keep you in your home and make your payments more affordable allowing you to have peace of mind regarding your living situation.
Also, keep in mind that if you have a loan guaranteed or owned by Freddi Mac or Fannie Mae you should qualify to refinance as long as your first mortgage does not exceed 105% of the current market value.
So, what do you think about the U.S. Housing Affordabilty and Mortgage Relief Rescue Plan?
Until next time!
Shawn Nelson, MSA
Extra Money From Home
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