Do you qualify for Pres. Obama’s Mortgage help?

President Obama has already laid out the much-awaited foreclosure prevention program called Homeowner Affordability and Stability Plan and it is looking for 9 million borrowers for help. The question is, are you one of them?

The $75 billion fund is collectively formed to give two basic solutions to the various mortgage issues in the current financial crisis. First solution is to aid more homeowners to reestablish financially by taking advantage of new low interest rates. If you are updated with your current mortgage, then you fit for qualification. Actually, even homeowners with debt that is above home value of 5% could be entitled to receive the fund. There will also be no penalties.

The second solution is to offer incentives to borrowers and lenders to rearrange their mortgage to more affordable levels. Those in default or at risk of default may be entitled to receive the program for modifications of loans, which will restructure the loan terms. Anyone with combined mortgage dept in contrast with the income or those who are poorly in debt may apply for the program.

Read the rest of this entry »