Question by : What do i have to have to qualify for obama mortgage plan? Ok well my casa is under forecloser. Well i heard about obama mortgage plan and that it may help. Ummm does anyone know what the plan is called? Will it help my situation? What i got to have to qualify for it? where to sign up for it? I I would really appreciate help so please do if you can. Best answer for What do i have to have to qualify for obama mortgage plan?:
Answer by Carol
Sorry to hear your troubles. Call your lender to inquire about what they can do. Or at this point, you might want to speak to a HUD Housing Counselor. Find one by calling 1-888-995-HOPE (4673) The program is called Making Home Affordable. Go to this government site for details about Obama's program: Copy and paste this link: http://www.makinghomeaffordable.gov/ Good luck.
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None of us ever expect to be facing foreclosure. When we initially buy our homes, we fully expect to pay the monthly payment on time, without issue. Unfortunately, times do change and the housing crisis and tough economy has changed everything. Millions of American homeowners can no longer afford their mortgage payments! Mortgage modification help may be the only way to save their homes!
The government recognized the epidemic of foreclosures occurring nationwide. President Obama created a Home Stimulus Plan to help. This means if you applied for a mortgage modification through your lender and were denied, you now have the chance to apply again! If you haven't applied but are thinking about it, now is the time!
The Treasury Department has allocated $ 75 billion dollars as monetary incentives for lenders. These incentives will be paid to lenders who seek out and accomplish modified loans for homeowners.
Lenders have never had monetary incentives to help homeowners! This could really turn the housing crisis around!In order to qualify you will need to meet certain criteria. Here are some of the requirements:
• Mortgage must be on your primary residence
• Mortgage must have originated before January 2009
• Mortgage amount must be less than $ 729,000
• You must have recently or will be soon experiencing a financial hardship.
• Total monthly mortgage payment must equal or be more than 31% of your gross monthly income. (payment includes taxes, insurance and homeowner dues)
If you fit the above criteria, your home could be saved by a mortgage modification loan. Each lender may have additional requirements that are unique, so you should contact your lender for additional information.
When you do contact your lender you want to simply ask for a mortgage modification application packet, and inquire as to their specific requirements and qualifying criteria.
You will want to take your time and be as thorough and accurate as possible on the application documents. You do not get a second chance at this! It can be very overwhelming and stressful to apply for mortgage modification help. You are dealing with enough stress just trying to figure out how to save your home! There is help!
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