Refinane Home With Obama’s Mortgage Relief Plan
Obama’s mortgage relief plan has some thoughtfully designed proposals, that can help overcome even some distressing underwater situations. The recent announcement of an extension for all modification and refinance options should hopefully propell more lenders to actively participate in this plan. So gather records detailing your mortgage, your current and past financial situation and the possible reasons for your financial difficulty. Then proceed to take action. More than a million homeowners have already been helped by the Obama mortgage relief plan. This plan is better known as MHA(Making Homes Affordable) program.
The Obama’s Mortgage Relief Plan Has A Variety Of Programs To Help Homeowners Out Of Different Mortgage Problems. The More Prepared You Are With These Programs, The Faster You Can Get Help
Home Affordable Refinance Program (HARP), a module of MHA, is for borrowers who are not behind on their mortgage payments but have been unable to get traditional refinancing because the value of their home has declined. HARP has been formulated to help you get a new, more affordable, more stable mortgage. This program is unique because normally lenders do not refinance underwater mortgages. With HARP, even for underwater mortgages a new loan plan can be within reach. To benefit from this particular Obama mortgage relief plan, you require a loan application and underwriting process. Also keep in mind that refinance fees will apply.
Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP) is useful when a second mortgage is there and the first mortgage servicer agrees to participate in FHA Short Refinance. You many be eligible for this Obama mortgage relief plan if you can qualify for FHA Short Refinance and if you obtained your mortgage on or before January 1, 2009. FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance) is for borrowers having mortgages not owned or guaranteed by FHA, VA or USDA. If you have been regular on your mortgage payments but owe more than your home is worth, thisObama Mortgage Relief Plan may be an option that your mortgage servicer will consider.
Apart from refinancing options, loan modification options are also included into MHA. Home Affordable Modification Program(HAMP) is quite popular with borrowers when it comes to loan modification. Obama’s mortgage relief plan has tried to bring the benefit of refinancing and modification to maximum number of homeowners. When refinancing is opted for, borrowers look for a new, low cost plan to manage a regular monthly saving. When modification is sought, the existing lender is approached to modify the loan plan for a similar effect. The amount saved can either be invested for a worthwhile project or can be utilized to pay-off debts.