The 2009 Federal Stimulus Package announced by refinancing mortgage Government aims at stopping the foreclosure & bankruptcy. This package provides 'affordability' to the home owners. The owners missing any of their monthly payments can apply for mortgage modification or a refinance. It provides help to those looking forward to save their homes from foreclosures. The Stimulus Package provides various benefits to the home owners and provide them assistance to save their home from being foreclosed.
Here are few advantages of Federal Stimulus Package:
. The monthly payments have been restricted to 31% of the gross monthly income of the home owners.
. The rates of interest have been reduced from 6.5 to 5.16%.
. Certain options are made available to the owners such as
- Loan Modification
- Refinance
- Deed in lieu of Foreclosure
- Extension of Loan Term
. This package provides cash incentives to the banks per loan modification & refinances deed.
. People looking for loan modification can take any help or guidance from the counselors appointed by the US Federal Housing and Urban Development department (HUD). These counselors would help you deal with the bank in a more professional way.
. The owners can directly contact the banks through a call at their loan modification department or by visiting their official website.
. The home owners need to know whether they are eligible for the mortgage modification or not. Following is the eligibility criterion that the Federal Government has declared for applying for a mortgage modification:
. The mortgage deed must mortgage refinancing insured or owned by Freddie Mac and Fannie Mae.
. The mortgage value should be more than the current market price of the house over 105%.
Here is a list of certain points that the owners should take consider before applying for Federal Stimulus Package:
. The documentation should be complete. The required documents include the credit details, expenses details and the tax returns.
. On missing any monthly payment the owners should draft the hardship letter to the bank before bank sends the 'Notice of Default'.
. Try to be polite during Federal Stimulus mortgage proceedings.
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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