Obama"s Government Launches Mortgage Modification - Take Advantage While You Can
The first and fore most function of a good government is to proactively identify and anticipate the problems that the public faces.
The people's government should go to the grass root level to identify the problems people are facing and they should develop effective and easy to follow solutions and relief packages for the people.
One of the major expenses of an average household is their mortgage payments.
The recession in the economy has rendered many a people jobless and so many with a lower income than they had previously.
This is putting a terrible strain on so many, as they can no longer afford to make their mortgage payments on their homes.
Obama's administration has taken steps in identifying the problems that are being faced.
One of the major problems that we are facing all over the world is the financial crunch of a rapidly declining economy.
So many people who once lived lavishly can no more afford their lavish lifestyles.
President Obama's "Making Home Affordable" program is a step in this direction.
The government has developed policies regarding mortgage modification in order to provide the much needed relief in the expenses.
Mortgage modification is sometimes the only way out for the people who are facing home foreclosure as they can no longer afford the high mortgage payments on their houses.
The government has devised a mortgage modification plan which can help some people save their houses from foreclosure and others to have a little more dispensable cash available to them by having their mortgage payments lowered.
This program is aimed at the people whose houses have lost value due to the recent slump in real estate prices, and the mortgages they owe to the banks are actually higher than the total value of their houses.
The Obama government has offered the mortgages to be converted to a 2 percent fixed rate of interest.
This will translate into hundreds of dollars saved from the interest that you pay on the mortgages.
Here is a list of the categories of people who can get a mortgage modification under the government's 'Making Home Affordable' program: · People who owe mortgages worth 5 to 15 percent more than the value of their house · People who have never been late or missed a payment for a time period of at least a year · People who are experiencing sudden financial difficulties due to loss of job, illness, death of spouse or divorce · People who are having financial problems and deem their mortgage payments too high · People who are two or three mortgage payments behind because they just can not afford it · People who are heading for home foreclosure due to lack of funds · People who have previously applied to their banks for mortgage modification and have had their application rejected · People who are paying 31 percent or more of their total income as mortgage payment · People whose property in question is their primary residence · People who have not taken a second mortgage on their property · People whose mortgage had started before January 1st of 2009 Under this federal program the government is providing incentives to the participating lenders.
Almost all the lenders are participating in this program.
The government is going to pay the lending institutions for each successfully completed mortgage modification.
In this program the home owners will have the option of paying one thousand dollars every year for five years, which will be directly deducted from the principal amount of the mortgage.
Apply now if you are eligible.
The people's government should go to the grass root level to identify the problems people are facing and they should develop effective and easy to follow solutions and relief packages for the people.
One of the major expenses of an average household is their mortgage payments.
The recession in the economy has rendered many a people jobless and so many with a lower income than they had previously.
This is putting a terrible strain on so many, as they can no longer afford to make their mortgage payments on their homes.
Obama's administration has taken steps in identifying the problems that are being faced.
One of the major problems that we are facing all over the world is the financial crunch of a rapidly declining economy.
So many people who once lived lavishly can no more afford their lavish lifestyles.
President Obama's "Making Home Affordable" program is a step in this direction.
The government has developed policies regarding mortgage modification in order to provide the much needed relief in the expenses.
Mortgage modification is sometimes the only way out for the people who are facing home foreclosure as they can no longer afford the high mortgage payments on their houses.
The government has devised a mortgage modification plan which can help some people save their houses from foreclosure and others to have a little more dispensable cash available to them by having their mortgage payments lowered.
This program is aimed at the people whose houses have lost value due to the recent slump in real estate prices, and the mortgages they owe to the banks are actually higher than the total value of their houses.
The Obama government has offered the mortgages to be converted to a 2 percent fixed rate of interest.
This will translate into hundreds of dollars saved from the interest that you pay on the mortgages.
Here is a list of the categories of people who can get a mortgage modification under the government's 'Making Home Affordable' program: · People who owe mortgages worth 5 to 15 percent more than the value of their house · People who have never been late or missed a payment for a time period of at least a year · People who are experiencing sudden financial difficulties due to loss of job, illness, death of spouse or divorce · People who are having financial problems and deem their mortgage payments too high · People who are two or three mortgage payments behind because they just can not afford it · People who are heading for home foreclosure due to lack of funds · People who have previously applied to their banks for mortgage modification and have had their application rejected · People who are paying 31 percent or more of their total income as mortgage payment · People whose property in question is their primary residence · People who have not taken a second mortgage on their property · People whose mortgage had started before January 1st of 2009 Under this federal program the government is providing incentives to the participating lenders.
Almost all the lenders are participating in this program.
The government is going to pay the lending institutions for each successfully completed mortgage modification.
In this program the home owners will have the option of paying one thousand dollars every year for five years, which will be directly deducted from the principal amount of the mortgage.
Apply now if you are eligible.
