4/23/2009

Making Home Affordable for YOU


President Obama's $75 billion program for homeowners now has the first six banks or participants, per the Los Angeles Times:



Chase Home Finance, part of JPMorgan Chase Co., will receive up to $3.6 billion, the largest amount among the six companies. The other recipients: Wells Fargo Co., GMAC Mortgage Inc., Citigroup Inc.'s CitiMortgage unit, Select Portfolio Servicing and Saxon Mortgage Services Inc.

More banks and companies will be added in the coming months. The Making Home Affordable program can be found at FNMA and Freddie Mac sites for those with FNMA or Freddie Mac loans. By clicking on the above link, the homeowner can find out eligbility for the program. This program is for owners who are not able to meet current refinancing loan requirements, who bank is participating and who who have FNMA or Freddie Mac loans.

This plan is to help people who are current on their mortgage payments to refinance and take advantage of today's lower interest rates. Under this plan, Fannie and Freddie will be allowed to refinance qualified homeowners up to a 105% loan-to-value of the CURRENT VALUE of the home. It's well worth your time to keep checking on whether or not your current mortgage and your bank, now or in the future, will be one that qualifies for this plan.

The plan helps owners at risk of foreclosure by offering government assistance to help offset the cost of modifying loans of qualified homeowners into affordable mortgages allowing them to keep their homes. There are several different ways to achieve this: rate reduction; extending loan term, or allowing principal forbearance or cramdown. The unpaid balance must be $729,750 or less for owner occupied primary residence of 1-4 units, a first trust deed, current monthly payment exceeds 31% of gross monthly income, are among the requirements. Go here for a self-assessment tool.

If you are thinking of selling, or you need more information about whether or not you can modify your loan, or are eligible for a short pay, contact me directly or go to http://www.juliahuntsman.com/.
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