Economic Stimulus Package 2009 - How Does Obama’s Stimulus Package Affect Your Mortgage?
Those facing foreclosure should know that Obama’s stimulus package is in place and that is time sensitive.
The 2009 Economic Stimulus Plan was one of the first bills President Obama signed after becoming president. This plan was designed to help the millions of people in this country that are struggling through this terrible economy, particularly those facing foreclosure after job loss and a reduction in income.
Hector Milla Editor of the “Best Mortgage Loan Modification” website -- http://www.bestmortgageloanmodification.net -- pointed out;
“… The Economic Stimulus, while controversial to some, gave banks and consumers a number of tools to help them through these difficult times and show them a way to sounder finances…”
Here are some of the best things the Economic Stimulus Plan has done for individuals with trouble mortgages. If any of these situations apply, there may be help for those American citizens facing a foreclosure proceeding.
1. New refinancing terms
In the past, homeowners could only qualify for a home loan refinancing if they had at least 20% equity. That’s no longer the case thanks to the new plan. Now, homeowners that owe more than 105% of their home’s current market value can probably qualify for a refinancing, allowing them to save money and lock themselves in at a much lower interest rate.
2. Interest rates have been lowered
One of the most important things for many homeowners is this: interest rates have been lowered dramatically. The previous interest rate of 6.5% has been lowered so that some homeowners are actually getting loans as low as 4.75%. This lets thousands of consumers modify their loans to lock in at better rates, saving hundreds or thousands on their mortgage payments.
3. Changes to the gross income ceiling
Another thing has been done to help homeowners in trouble: individuals in default on their home loan can receive a lowered monthly payment that will not be higher than 31% of their gross monthly income.
4. Freddie Mac and Fannie Mae
Lastly, people that had loans from Fannie Mae and Freddie Mac will finally have somewhere to go for help if they have trouble paying their mortgage because they are now eligible to receive loan modifications.
Besides all of the aforementioned points H. Milla added “… If you’re a homeowner that’s having trouble with a monthly mortgage payment or may soon face foreclosure, now is the time to consult with someone that knows about the Economic Stimulus Plan and can help you save your home …”
For further information about how to get a professional mortgage loan modification visit: http://www.bestmortgageloanmodification.net
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- Best Mortgage Loan Modification
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