Homeowners: Are You Taking Advantage of
The Obama Housing Stimulus Plan?
Homeowners are still unaware or unmotivated with what The Making Home Affordable plan has to offer. Perhaps the marketing of this mortgage help program did not launch aggressively enough or perhaps homeowners are skeptical. Regardless of the feelings, our federal government has budgeted close to $75 billion in mortgage relief fund to help homeowners save their homes.
According to the Treasury Department, lenders only sent out 19 percent of the approximately 3 million homeowners who are eligible for a loan modification plan. There are 2.5 million eligible homeowners who have not responded.
If you are behind on your mortgage payments, close to foreclosure, in foreclosure or getting to not being able to make payments, be educated on your options to save your home.
Making Home Affordable Outline
DID YOU KNOW...
- Loans must be originated on or before January, 2009.
- Borrowers must be able to document income and have an affidavit of financial hardship.
- Modification can start NOW through December 31, 2012. Loan can be modified once.
- Unpaid principal balance of up to $729,750 for first lien owner-occupied properties. Please see Home Affordable Guidelines for two, three or four units owner-occupied properties