fannie mae bankruptcy guidelines 2009
Obama’s Home Stimulus Package – Avoid Foreclosure with the $275 Billion Home Stimulus Plan
Under the $75 Billion on the 2009 Stimulus Package, President Obama has come up with a way to assist millions of American homeowners in being able to avoid foreclosure and bankruptcy, while providing banks with $1,000 incentives each time they assist homeowners in completing a modification on their loans.
Here’s how to know if you are eligible and what to do if you are:
* Research the many options surrounding grants, loans, and tax credits available to homeowners in need. Unfortunately, the lenders are not always up front about what you may qualify for, so it is up to you to prepare ahead of time and know what you are applying for when you submit your application.
* Depending on your level of debt, you may qualify for a personal loan in order to repay your debts and free up your income so that you can continue to afford your mortgage payments again.
* If you have lost out on much of your home’s market value, that no longer hinders you from being able to refinance ? you don’t have to have at least 20% equity to qualify. With the new guidelines, you are eligible if what you owe on your mortgage is over 105% of your home’s current market price.
* If your loan is owned by Freddie Mac or Fannie Mae, you are eligible for their refinance or loan modification programs.
* You may be eligible for receiving a reduced interest rate. Currently, the rate is 5.16%, instead of 6.5%.
* Your new monthly mortgage payment will be lowered to no more than 31% of your gross monthly income, as long as your overall debts are not over 55% of your gross income.
* You can receive financial advice by going to your local Housing and Urban Development department (HUD) free of charge. They can provide you with information on which options would be in your best interest, with the ability to even help represent you when facing your lender.
About the Author
For tips and facts about how you can benefit from Obama’s Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
