President Barack Obama's Stimulus Package 2009 has been announced with a view to save the home owners from foreclosures. Foreclosures prove harmful to the home owners as well as the banks. This Package provides benefits to banks refinancing mortgage incentives. It holds 'affordability' as its keyword. Here are some benefits of the Stimulus Package:
The home owners who have missed out any of their monthly mortgage payments can apply for the Mortgage Modification or the Refinance Plan. The owners are eligible for loan modification based on the following points:
The mortgage value should exceed the current market value of the house over 105% to make the owner eligible for the mortgage modification or a refinance.
You no longer need to own 20% equity of the home like the earlier laws.
Your mortgage deed must refinancing mortgage owned or insured by the Fannie Mae & Freddie Mac.
Here are some tips to apply for these grants, loans, loam modifications, refinance and tax credits efficiently:
The owner should draft the hardship letter in order to avoid the 'Notice Of Default'.
The documentation should be complete including the tax returns, credit details, expenses details, etc.
The owner can directly contact the bank through a call or may visit the official website of the bank. Do not involve any third parties or agents. They would charge you a lot and may not help as much.
The owner should be prompt in responding to the bank when bank tries to contact them.
The owner should have a polite approach.
You can take help from the HUD pointed counselors. They do not charge you for their services and help the negotiations with the bank or the mortgage company.
You can also apply for personal grants in order to meet the mortgage payments.
To know more about Loan Modification Programs and to check if you qualify
Click Here --> Loan Modification Help
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here --> Federal Grant For Homeowners
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