Mortgage Training Solutions

Obama’s $75 million Home Affordability and Stability Plan is a rescue attempt to save the plummeting housing market. The President has the conviction that by restructuring their mortgages, homeowners who are struggling to make ends meet, will be able to save their homes. This initiative comprises of two parts:

1. Home affordability refinance program – this program helps homeowners to refinance loans that went upside-down because of the tumbling property rates.

Continue reading ‘A Step-By-Step Direct to Obama Home Loan Modification Program’ »

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Obama mortgage modification program is the most significant initiative of the government. It was designed with the aim, to help Americans save their homes. MHA (Mortgage Home Affordable) provides the opportunity to the home owners to get their loan modified. The borrowers counted on selling off their home due to the prevailing economic situation in the country. Although the property prices would continuously increase but the buyers would vie the property. In such a situation MHA helped the borrowers by offering mortgage loan refinance option.

Most of the home owners, under financial difficult situation, want to keep their home. To do so, they would need help. Theloan modification companies can help to get the loan modified according to one’s requirements. To begin with, one should inquire about the reductions that can be done in the principal amount. However, one can save almost equally, with the reduction in the interest rate.

Continue reading ‘Obama Loan Modification – Keeps Americans In Their Homes’ »

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With Obama’s Home affordability plan in execution since March, 2009, hopes of many disheartened homeowners have been restored. However, there are many apprehensions regarding the efficacy of the plan. “How will the plan lower mortgage payments?” – is the most prevalent question. Let’s understand the procedure in detail.

There are two parts of the Obama Home affordability plan. One is refinancing, and the other is loan modification. With the sharp fall in property rates, many homeowners could not avail a refinance because their loan-to-value (LTV) ratios are too high for them to meet the criteria for a refinance. However, under the Obama Home affordability refinance plan, homeowners with an upside-down loan can also avail for refinance. People with a variable interest rate home loan can shift to fixed rate loan with lower interest rates than the current loan’s. Such a low-cost mortgage refinance loan will save those thousands of dollars annually.

Continue reading ‘Obama Home Affordability Refinance and Loan Modification Plan: Reap the Maximum Benefits’ »

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Are you having difficulty getting your mortgage servicer to work with you on a Making Home Affordable (MHA) loan modification? The below list of 37 mortgage servicers have committed by signed contract to this program. In addition, all servicers for mortgage loans owned by Fannie Mae and Freddie Mac are required to participate! If your home is in Illinois and you want to investigate whether you qualify for the home loan equivalent of “Cash for Clunkers” then contact a real estate attorney or use the free online evaluation at illinoismortgagemods.com

The MHA program is the first real loan modification program that is making worthwhile modifications whereby homeowners come out of it with a payment they can afford. These modifications are proving to have a much lower re-default rate than previous half-hearted efforts that amounted to not much more than forbearance plans.

Continue reading ‘37 Mortgage Servicers Commit to Obama Plan’ »

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The Wall Street Journal reported in July, 2009 that President Obama is now expanding the plan to help the number of borrowers who can refinance their homes. The administration said that borrowers with mortgages worth up to 125 percent of their home’s value will now be eligible to refinance under its program, up from a 105 percent limit.

According to the new plan, borrowers must be current on their mortgages and have loans owned or backed by government controlled mortgage companies Fannie Mae or Freddie Mac. One of the challenges with the government plan is that it does not help those who are in severe circumstances, either behind on payments or facing foreclosure. The plan does expand the opportunities for those not facing foreclosure to get help, but if you are in the midst of a foreclosure proceeding or if you just received a foreclosure notice, you need some other form of assistance.

Continue reading ‘Loan Modification Help Center – President Obama Continues to Pass Legislation’ »

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