In March of 2009, President Obama unveiled a project to help home owners who are facing foreclosure. The bad news: if you are a real estate investor and one of your holdings is going to be foreclosed
on, this program will not assist you. The good news: if the foreclosure is taking place on a home that you and your family are living in, this program could help you. If you are trying to make your payments but have fallen on tough times, this might be exactly the answer for your position. The really great news: this plan will help up to 9 million home owners. That is good news for anyone who owns a house and has seen foreclosures in their neighborhood.
So if you are in the middle of a foreclosure procedure, how can this assist you? If your loan is owned by Fannie Mae or Freddie Mac, chances are very good that you can realize some aid. These two heavyweights of the mortgage industry are obtaining aid from this plan, that, in turn means that you can get aid also. These two companies have been provided money under this project exclusively to assist you in remaining in your residence.
Not only have the two leading players in the mortgage industry been included in this project, but inducements for other mortgage companies to assist homeowners has also been included.
One of the good facets of this plan is that you are not required to be in foreclosure in order to take advantage of it. If you are having trouble with your payments and you are close to foreclosure, this program can help. If greater than 31 percent of your incoming money is being spent on your mortgage payment, you can qualify for help under this project.
Another great part of this plan is that if you owe more on your home than what it is currently worth, you can also get help with your foreclosure procedure. Most mortgage companies will not help you refinance if you owe more on your home than what it is worth. This plan is aimed to help those homeowners get refinanced into a loan that they can afford.
Overall, this plan is aimed at helping middle-class homeowners who are struggling to make their mortgage payments stay in their home. If that describes you, I encourage you to call your lender and see if this new plan can help you.
