Mortgage Loan Modification – 5 Things You MUST Know About The $75 Billion Housing Plan
There is a lot of controversy in the news regarding the proposed $75 Billion Homeowner Affordability and Stability Plan (HASP). Presently the banks are often unable to help reduce mortgage rates for homeowners that are current on their loans. The Obama’s proposed plan is designed to alleviate the situation by encouraging banks to refinance or modify mortgages for responsible homeowners even if they are not yet behind on their payments.
While the plan which is scheduled to begin on March 4th 2009 is estimated to help 9 million homeowners, there are certain groups that are unfortunately outside of the plan’s reach. Here are the five most important things you Must know about the HASP:
1. Homeowners with conforming mortgages (mortgages under $417,000) may qualify to refinance at a lower rate. Some homeowners may be able to qualify even if they have never been seriously behind on their mortgages.
2. Homeowners with subprime or so-called “exotic” loans may qualify
to modify their current loans to make the payments more affordable.
3. Both of the above groups may be able to qualify even if their property is worth as much as they owe.
4. Homeowners who’s loan amounts are much higher than the value of their property most likely are outside of the scope of the proposed plan. This unfortunately will affect the markets where real estate prices have taken the steepest declines, such as California, Florida, Nevada and Arizona.
5. Homeowners who’s loans were not securitized by Fannie Mae or Freddie Mac may find it difficult to refinance or adjust their rates. Most homeowners may not know or realize that unless they have specifically asked their lenders.
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There’s a lot of controversy, and there are a lot of questions over whether this plan will, you know, work:
http://blog.hsh.com/?p=2628
I like your post. You make some good points. Unfortunately, right now lenders are not willing to take the risk of giving loans to consumers. Without loans, consumers and businesses will have trouble financing themselves and the circle will keep going on.
An interesting and informative article. Thanks for sharing this info post with me.
Hello to all-
I like the points you make here in regards to the 75 Billion set aside to attack the Housing crisis by Obama. I think Obama is on the right track by giving the lender some sort of incentive to utilize his Making Home Affordable Loan Modification Plan. I wonder if he needs to do a little bit more in that area?
Good news of the day.
Modify mortgages for responsible homeowners is good idea. It will give valuable help to a lot of people.
And useful information about HASP. We should know it.
lender´s last blog ..No Teletrack Payday Lenders
The with 75 billion givin it can only reach sertin people for intance it dosent help those who are current but yet they still strugel to make there payment from experiance you can only strugel so long before you end up falling behind
Do you think that it would help with a homeowner that is struggling with a first mortgage but not a second very small one?
Good suggestion for common people. Right way to inform us about all points in the theme.
Gene K´s last blog ..No Teletrack Pay Day Loan – Get Quick Loan At Any Time
Unfortunately now no longer giving loans so easily. however, this is an informative post. Thank you
A mortgage home loan, as it sounds, is a loan that you get to buy your home. It is based on the fact that should you default on your loan there is sufficient collateral for the bank to get its money back through taking the home from you and selling it on the open market. There are many different types of loans and you need to gain some understanding of them before you go signing any paperwork pertaining to acquiring a loan of this sort.
I am genuinely impressed with the overall message of your blog. It is obvious that you know you topic and you are passionate about it. I wish I possessed your ability to write. I look forward to more updates and will be returning.
Great information. I feel frustrated and aggravated with the whole system. I’m upside on my mortgage and not behind on my payments. Cant refinance to take advantage of a low interest rate and was told that since I actually make my payments on time that I couldn’t be helped and that I would have to ruin my credit to get help. I find it hard to believe that their isn’t a program to help people in my situation. I was then told by a lender to thank the government…..wow….
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It’s amazing what the results of this bail-out turned out to be. Who would have thought CEO’s for these major banks would be spending thousands of dollars on unnecessary frivolous spending. Well, you had a firm grasp on what the bill was generally about, I’m glad you were informed and blogged about it when you did. Thank you.