Obama Plan Defined
June 8th, 2009 categories: Loan Modification, National News/Local News
Making Home Affordable Program often referred to as the “Obama Plan” offers two programs: Home Affordable Refinance: For borrowers who are current on their mortgage but find it difficult to refinance because the value of their home has declined in value. Eligibility:
- You must own a 1-4 unit building
- The loan must be a Fannie Mae or Freddie Mac Loan.
- For Fannie Mae call: 1-800-7Fannie (8am to 8pm EST) or visit Fannie Mae
- For Freddie Mac call: 1-800-Freddie (8am to 8pm EST) or visit www.freddiemac.com
- You must be current on your mortgage,
- What you owe on your mortgage is the same as the current market value or slightly less.
- You have a job and income to support a new loan at a lower rate.
Home Affordable Modifications: For borrowers who are either struggling to keep their loans current or are all ready behind on their mortgage. Eligibility:
- You must owne a 1-4 unit building
- Have an unpaid principal balance equal to or less than $ 729,750
- Loan Origination date on or before January 1, 2009
- Have a mortgage payment including taxes, insurance, association dues that is more than 31% of your gross income.
- Have a mortgage payment that has become difficult to pay due to loss of job, income or other personal family problems which is considered a hardship.
- The loan Modification program is a voluntary program with the following Mortgage servicers
