Posts Tagged ‘mortgage loan modification program’
A lot have been said about how the Obama mortgage loan modification program has not met what it’s intended to be. Whether it has met the goals set forth at the inception of the program, it still remains to be a great option for homeowners who would really want to live the dream of owning a home. While mortgage refinancing loan is an option for people with better value on their homes and have equity as well, this mortgage loan modification program should not be taken for granted. It is still a great option for those homeowners who would really like to get through rough times.
Major Banks like JPMorgan Chase, Wells Fargo and Citigroup are part of the initial lenders who received the subsidy and incentive payments which runs in billions of dollars so that they can lend to distress homeowners. The program was launch on April 2009 with the initial delivery of those subsidies and incentives to the big lenders. But these banks are not the only recipient of these massive 75 billion dollars to save and help distress homeowners so that they can hold onto their homes and continue paying their mortgages at a more sustainable rate.
The Obama mortgage loan modification program is a great opportunity for distress homeowners to maintain and preserve their dreams of owning their homes. Distress homeowners including those housing counselors are eagerly awaiting the launch of the loan modification program which was announced on Feb. 18 2009.
There is an estimated nine million borrowers who hope to stay in their homes in the two part plan that calls for servicers to reduce monthly payments to no more than 31 percent of eligible borrower’s pre-tax annual income or to refinance eligible mortgages even if the homeowner has little or no equity on their homes.
This is a quote from Money.CNN.Com news outlining the program benefits and advantages.
Know where you stand and how you can avail of the program!
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