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Mortgage Loan Modification and the Stimulus Plan
Sunday, March 15, 2009
To solve the housing crisis and try to get Americans to believe in the American dream of home ownership president Obama has implemented a $75 billion dollar Mortgage Loan Modification
program. This program is estimated to help some 7 to 9 million Americans save their house from foreclosure.
Since the peak of the real estate market in the summer of 2005 thousands of Americans have lost their home. Even more are struggling to make their mortgage payments each and every month. The two basic reasons are that their mortgage is now more than is used to be or that home owners are now making less income each month.
If you are finding it hard to make your mortgage payments, now is the time to take advantage of this new loan modification opportunity. The president has set up this program for regular Americans to act and stop from loosing their home. Even if you are not behind on your mortgage payment this program can help to lower your mortgage.
Whats more is the mortgage loan modification program is free. You do not have to pay anyone to take advantage of this government backed service. So how is this program being paid for, with tax dollars from every American. The Presidents plan is to subsidize mortgage payment for home owners struggling to make their montage. This in affect with stabilize the housing market and stop the real estate down spiral.
There are a couple way's the program works to lower your mortgage payments. The first option is for the government to lower the interest on your home loan so you are not paying more than 31 percent of your gross monthly income. If lowering the interest rates does not lower the mortgage payment enough then the government will actually reduce the principal on your loan or extend the length of your loan which will lower the payment.
The main reason people need to act fast and try to get their mortgage loan modified
is because there is only $75 billion dollars in this government program. The total housing decrease is estimate at over $1 trillion dollars. Simple math will tell you the money in this program will go quick as many people need it.
Because the loan modification program is free, americans have nothing to loose by trying. The best situation is that you get your monthly house payment lowered to a more reasonable amount. The worst that can happen is that you don't qualify to get your mortgage lowered.
Get a no-obligaiton loan modification
at no cost to you!