Author: Ken Melblock
Published articles: 102
Homeowners now have the options of refinancing their mortgage with one of the most streamlined packages ever. Wells Fargo offers new home loan refinance options to struggling homeowners thanks to the Obama stimulus plan. Millions of homeowners can get a better, more affordable mortgage through Wells Fargo, and here is how:
Down payment assistance programs are designed for homebuyers who can be approved for a home loan but who can’t afford the down payment and closing costs needed to complete the purchase.
President Obama ran on the platform that he was going to redistribute the wealth among workers in America. He felt like the rich were getting way too much of the money and the middle to lower class needed some government assistance. He is providing assistance to many through the Making Home Affordable program that allows most home owners to refinance at lower rates. It also allows many individuals a chance to pay a lower portion of their Obama mortgage payment.
Recently, my E-mail account has suffered a severe flurry of questions regarding The Federal Government Loan Modification Plan. Essentially, my readers are most curious about the mandatory requisites needed to be eligible. Additionally, readers are inquiring about how to use this plan to avoid foreclosure. The Federal Government Loan Modification Plan was implemented several months ago. Unfortunately, many homeowners do not know where to find the information on how to enter the evaluation process, and as such will not even be considered.
A lot of homeowners need to get a more affordable monthly mortgage payment. Chase is one of the mortgage lenders approved to offer President Obama’s “Making Home Affordable” plan. This is a $75 billion dollar plan which will help millions of homeowners. Here is how it works, and what you need to know to get a refinancing or Obama Mortgage Helpwith Chase.
In order to obtain the President’s loan stimulus program, there are some mortgage loan modification program requirements to meet. Since this modification is one way to help those Americans who are facing home foreclosure, it is not being handed out just to anyone. While it is true that millions of American homeowners are capable of utilizing the $75 billion budget for this program from the government, it does not apply to everyone. The reason behind this logic is so that banks and financial institutions can still be able to get some money instead of completely facing a negative amount on your home loan with them.
In the current mortgage crisis, millions of responsible homeowners who have been making their monthly payments and fulfilling their obligations have seen their property values fall, and now find themselves unable to refinance at lower mortgage rates. As part of its efforts to ease the plight of responsible homeowners, on March 26 the Administration announced new guidance for the Federal Housing Administration (FHA) and Home Affordable Modification Program (HAMP) programs. The changes are designed to offer assistance to up to four million struggling homeowners who, through no fault of their own, have been affected by the economic crisis. The federal mortgage relief program modifications enable mortgage lenders and servicers to work with homeowners who are unemployed or who owe more on their mortgage than their home is worth. The federal government and the private sector will share the costs. The federal portion of these modifications will be funded through the Troubled Asset Relief Program (TARP).
If you have a Wells Fargo mortgage you can refinance or modify your mortgage loan under the Home Affordable Modification Program, which is part of the sweeping legislation that was crafted by U.S. President Barack Obama under the 2009 Economic Recovery Act. Wells Fargo mortgages that are serviced by Fannie Mae or Freddie Mac qualify for refinancing under the plan, and many mortgages also qualify for loan modification. That makes right now a good time to refinance your Wells Fargo mortgage, especially if you are paying more interest than you can afford, or fear that you might become unable to make payments on a variable rate mortgage that has recently adjusted to a new rate.
The strategies proposed to prevent foreclosure is just not going to provide any relief to the new troubled homeowners who are defaulting on their payments because they have lost their jobs. There is an urgent need though to consider some relief for them for otherwise it could just pave the way for a further sinking into the financial meltdown.
In 2009 the Making Homes Affordable Program was not as successful as expected in helping people facing foreclosure save their homes. Freddie Mac works closely with the Departments of the Treasury and Housing and Urban Development on the Making Home Affordable Program. It is one of the two government controlled companies that bought many mortgages where people have fallen behind on their payments. So it has a vested interest in seeing loans modified so that these people can avoid foreclosure. Freddie Mac has been constantly looking for ways to increase the success of the Making Home Affordable Program. On January 28, 2010 they announced a new pilot program they are starting.