Debt Help and Assistance

As consumers of debt America may have bit off more then they can chew. We have financed and continue to finance everything from big purchases such as cars, homes, and education, to medium sized purchases such as vacations, computers and televisions, all the way down to the small everyday purchases such as the morning coffee and newspapers, or that evenings dinner. No matter what we seem to buy wee want to finance it.

These sort of borrowing habits seem to finally be catching up with us. The level of credit card account defaults and bankruptcies are rising steadily and have already passed the record numbers of our past. The same can be said about foreclosures and mortgage defaults. The American consumer and the American Homeowner is in desperate need of debt help and debt assistance.

Debt Solutions:

• Debt Settlement- Debt settlement is a great way to get rid of unsecured debt that has accumulated from credit cards and or other high interest unsecured debt that one may have.
• Debt Management- Debt management technically refers to the act of monitoring ones levels and cost of debt. Today the term debt management is commonly used to describe the process of reworking the way one manages their debt and usually involves a plan of getting rid of debt as well as lowering the cost of debt.
• Debt Resolution- debt resolution is similar to debt settlement except for that debt resolution generally takes about 14-18 months as opposed to about 24-48 months in a debt settlement program. Also debt resolution is done by attorneys as opposed to the debt settlement programs which are usually done by debt settlement specialist that are not attorneys. Though some debt settlement work is done by attorneys.
• Bankruptcy- This is a legal action that allows a borrower to restructure debt.

You can find more information about debt solutions and mortgage solutions including information and tools that help homeowners stop foreclosure, all this and more can be found @ HopeNHousing.Org

New Foreclosure Hope: Obama Expands Reach and Hope of Mortgage Assistance Program

Obama Has expanded the reach of the Making Home Affordable Mortgage Refinance Plan. These Modifications boost Foreclosure Hope for the American Homeowner who has endured a financial hardship and must find a way to stop foreclosure or obtain a mortgage workout.

Obama has modified his Homeowner Help and Assistance Program known as the Making Home Affordable Plan, which is composed of two parts both a Loan Modification and Mortgage Refinance Program that was created to help American Homeowners Make Home Affordable.

The Modifications set in place as of July 1st will expand the reach of eligible Homeowners for the Mortgage Refinance side of the Making Home Affordable Plan.

Before the New Obama Changes to the Mortgage Refinance qualification Terms

• Homeowners had to meet several qualifying terms but the significant one regarding this article was the Loan to Value ratio or rather percentage.
• Homeowners were only allowed to have a loan to value percentage of 105% or lower. Homeowners with a 106% loan to value ratio were out of luck.

After The Obama Adjustments to the Make Home Affordable Mortgage Refinance Program

• Homeowners with a Loan To value Ratio of 125% or lower are now eligible for the Mortgage Refinance portion of the Making Home Affordable Plan.
• No Other terms of the Mortgage Refinance Portion of the plan were modified
• The Mortgage Lenders still have the final approval so The question now becomes how willing will the lenders be to work with those kind of Homeowner numbers in such a harsh economy.
• None of the Loan Modification terms in the Making Home Affordable Plan were modified in any way.