Make Home Affordable: Loan Modification

The Obama Administration has answered the long ignored cries of the collective American Homeowner. Obama's answer was a well thought, planned, and is already a success. The plan that has inspired a new sense of hope among Homeowners is known as the Make Home Affordable Plan.

The Make Home Affordable Plan is a two part plan. There is both a loan modification program as well as a mortgage refinance program. Both have done exceptionaly well. This post wil focus on the loan modification portion of the Make Home Afordable Plan.

What is Loan Modification?

Loan Modification:

• The restructuring or modification of the terms of a loan agreement.
• Loss mitigation tool utilized by both Homeowners and mortgage lenders
• The most popular mortgage workout or foreclosure alternative among Homeowners when a refinance option is simply unavailable is a loan modification.
• Loan Modification will Stop Foreclosure

Who qualifies for the Make Home Affordable Loan Modification?

The Make Home Affordable Loan Modification Program is designed for Homeowners who are strugling to pay their mortgage due to some sort of Hardship. Investors or speculaitors are not the target beneficiaries of the Make Home Affordable Program. There are other requirements as well that Homeowners must meet to qualify.

Qualifications for the Make Home Affordable Loan Modification Program

• Must be the Homeowners primariy residence
• Must have purchased the home prior to 2009
• Home value must be under 730,000
• Must have encountered Hardship leading to the inability to make the monthly mortgage payment
• Current Mortgage payment should currently be above 38% of take home income.

If a Homeowner meets this general criteria they are not home free just yet. Remeber that the Make Home Affordable Plan is a voulantary program so the final decision is ultimately up to the lender or mortgage servicer.

Make sure to check back next week for the post on the mortgage refinance portion of the Make Home Affordable Program. If you simply can not wait check out one of the web resources below.

Make Home Affordable: The Obama Plan

The Obama Administration has demonstrated there dedication and seriousness of such to the Homeowner Help Initiative they have promised to the American Homeowner. They have done this through the Make Home Affordable Plan.

The Make Home Affordable Plan was created by the Obama Administration to help Homeowners stop foreclosure and avoid further mortgage trouble. The Make Home Affordable plan comes in two parts. There is a loan modification program as well as a refinance program that are both a part of the Make Home Affordable Program.

Thus far both the refinance and loan modification have done well and have made the Make Home Affordable plan a success. Ten million Homeowners may very well find help through the Make Home Affordable Program by the end of the year.

http://www.ibeatdebt.net

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New Hope for America

There seems to be a buzz building in the American economy. There is certainly a buzz building on wall-street as stocks have soared over the past five or six weeks.

The American Homeowner and the American consumer seem to be back in control of their financial live or at least it seems that way at the moment. Though just as hopes are rising in regards to a financial recovery so to our the worries that the American appetite for risk and the entire worlds appetite for risk for that matter may bigger then their stomachs.

We will see as only time can appropriate today's correct moves as far as investing goes.

Homeowners have reported a surge in debt help and mortgage modification assistance available to them. Perhaps this takes in pert some of the credit in laying the foundation in the recent surge in consumer spending and gdp out put.

China is a major player in Government Stimulus handouts and other bailout actions by governments around the world. Here in America loan modification and other Government programs such as the two part Obama plan known as the Make Home Affordable Plan that has hit the ground running thanks to the cash incentives given to the major banks such as Bank Of America and Citi. Homeowners are able to refinance and obtain loan modifications with ease if they obtain the right help.

Loan Modification will Stop Foreclosure

Obama's Plan: Creating Foreclosure Hope by Making home Affordable

Obama is creating foreclosure hope.

The Obama Administration has created a plan that has given new hope to the American Homeowner. This plan is known as the Make Home Affordable plan.

The Make Home Affordable plan comes in two parts. One part aids Homeowners by assisting in the efforts and eligibility of mortgage refinancing. The second part of the Make Home Affordable plan assists homeowners obtain loan modification for those homeowners unable to afford the current monthly mortgage payment.

We will have more specific details and a progress report concerning the Make Home Affordable plan soon, so be sure to check for updates. 

Debt Hope For The American Homeowner

The American Homeowner has currently been going through some serious mortgage problems. But the disturbing truth is that Homeowners and other American Consumers may have bigger problems indeed for the long term. These problems come from unsecured debt like credit card debt. 

The servicers of credit card debt and other high interest loans for unsecured debt are reporting payment default levels that are literally settuing records. We are seeing default levels like never before.

Many consumers are turning to debt settlement companies and other debt help firms. We ask all consumers to becareful when pursuing debt help. there are many traps out there and all consumers should be careful.

If you have not really searched for help but our curious to see what is offered then hit the link provided below for a random list of debt help providers.

http://www.ibeatdebt.net

If you are searching for debt help such as debt consolidation or total debt relief try the Hope 'N Housing Organization and see what they have available. They also have some good information available free on topics such as

• Debt Settlement
• Debt Consolidation
• Debt Relief
• Debt help
• Mortgage Information
• Loan Modification 
• and more... 

Hope 'n Housing Org is primarily known as a nonprofit organization that has done some excellent work wit mortgage workout assistance such as help with loan modification.

Foreclosure Hope and Debt Help can be found at the link below...

http://www.hopenhousing.org 

Hope For Homeowners

In October of 2008 the President Busch administration kicked off the FHA insured mortgage refinance and loan modification program that was suppose to help 400,000 Homeowners Nationwide. The program came on with high hopes from the American people and especially those who were Homeowners trying to pay their mortgage but consistently falling behind just the same.

Though hope was high performance of the Hope for Homeowners act of 2008 was lame at best. Right out of the gate came a whirlwind of a whole lot of nothing. What was the problem?

Well simply stated the program just was not feasible or attractive to lenders and though Homeowners were for the most part more then willing they may have not been once they figured out the down side of the massive equity share that was mandatory for the Homeowner if they were to take advantage of the refinance program.

But so rarely was the lender willing and the Homeowner qualified that it really was not even given the chance to be an obstacle.

The loan modification program known as the Hope for homeowners act of 2008 will surely go down in the history books as being one of the biggest waists of timeof both the media's and of congresses time.

Hopefully the Make home Affordable Loan Modification and refinance plan of the Obama administration will prove to be more effective.

Only time will tell. Hopefully foreclosure hope for all will prevail