Are You Swarming In Debt With Mortgage Payments? Obama’s New Debt Relief Program Answers

March 20, 2010

Thankfully the President, Barack Obama, took the initiative and recognized the crisis and came up with the debt relief grant program known as the Making Home Affordable (MHA) program. This is allowing millions who would otherwise lose their homes to restructure their mortgage and keep their house and part of the American Dream.

The program is fully the Making Home Affordable Refinance Program as it is designed specifically to help the millions that have had home values substantially drop in relation to the debt size of the carried mortgage. Program availability is to those that have a first loan that is either owned or guaranteed through Freddie Mac or Fannie Mae. It also makes up 80-125 percent of the value of the home.

The key is part of the program is to help those that families that are struggling to make their mortgage payments able to transition into a mortgage that they will not only afford now but over the long-term life of the loan. Most of those will be transitioned through a fixed-rate long-term loan. This is all done through the Home Affordable Modification Program and is worked through reducing the interest rates for the borrower as well as their monthly payment so they can afford to keep their home and still keep food on the table. The plan doesn’t forget about lenders either as they are able to get a certain level of affordability when it comes to reducing interest rates, term extension and even writing down principle.

There are some further eligibility criteria. If you fit the main bucket you should inquire further to make benefit of this wonderful program to help millions stay in their homes.

Written by admin· Filed Under mortgage , Tags:, ,  

Comments

Got something to say?