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.
  

Make Home Affordable: Loan Modification

The Obama administration has created a foreclosure prevention plan rthat is designed around to main mortgage workout solutions that allow Homeowners to stop foreclosure and make home affordable.

These two mortgage workouts are loan modification and mortgage refinance.
Both the loan modification and mortgage refinance agreements and program terms allow homeowners to lower monthly payments if they meet some basic qualifications and their lender is willing to work with them.

This post will be focused on the loan modification side of the Making Home Affordable Program.

Making Home Affordable Loan Modification Program Qualifications:

• The property must be the Homeowners primary residence.
• The homeowner must have a current mortgage payment that is 32% or more of their monthly income.
• The Homeowner must have incurred some sort of unavoidable financial hardship.
• The Homeowner must have a home value of 730,000.00 or less
• The Lender must agree to participate in the Making Home Affordable Loan Modification Plan.

The Make Home Affordable Loan Modification Plan has helped many Homeowners has done far better the it's peers such as the FHA insured plan known as the Hope For Homeowners Mortgage Refinance Plan.

You can learn more about the Making Home Affordable Loan Modification and Mortgage Refinance Programs through the Government Websites @ http://www.makinghomeaffordable.gov

Learn how to use this site and read a review of MakeHomeAffordable.Gov

Making Home Affordable: Obtaining a Mortgage Refinance

The Obama Administration has created a mortgage refinance program outlined in the foreclosure prevention plan known as the Making Home Affordable Plan. The making Home Affordable Plan Has a loan modification side as well as the mortgage refinance side mentioned above. This article will focus on the mortgage refinance portion of the Making Home Affordable Plan

Making Home Affordable Mortgage Refinance

What is Mortgage Refinance:

• Mortgage Refinance is the act of replacing a debt or loan that is secured by a home with another secured loan.
• Generally a mortgage refinance is done for one of two reasons: 1) The Homeowner need or wants to obtain capital and chooses to put up the equity of the Home as collateral. This is often done to consolidate credit card bills or to make improvements on the home. 2) The Homeowner wants to save money and existing mortgage rates are lower then the current rates outlined in the mortgage agreement.

Making Home Affordable Mortgage Refinance:

• The Making Home Affordable Mortgage refinance program is for Freddie and Fannie mortgage only.
• The current mortgage must be less then thirty days late.
• The mortgage value or balance of the mortgage must be equal or less then the worth or value of the home.
• The Homeowner must be under the consequences or near future consequences of an unavoidable hardship.
• The lender must agree to the mortgage refinance.
• The new monthly payment target for the Homeowner seeking the mortgage refinance is targeted at about 31% of the Homeowners take home income. This figure can be as high as 38%
• 1-4 unit property

If you are a homeowner who meets these current qualifying aspects of the Making Home Affordable Loan Modification then you may be able to benefit from this foreclosure prevention program.

Foreclosure Help and Hope

Foreclosure Hope

Foreclosure Help and Hope seems to be entering it's way into the homes of American Homeowners. Through loan modification and other forms of foreclosure and mortgage workout agreements it seems as if Homeowners and lenders are finding some middle ground and the Obama Home affordability plan seems to be off to a great start

The housing market seems to be showing some signs of life. Wall Street has even gave way to quit a substantial rally. Could it be that this economy is starting to show signs of life and health?

Only time will tell. The American people still have a uphill battle with the overwhelming title wave of foreclosures and credit card debt. American Homeowners arestill struggling to pay their mortgage and not every one is escaping foreclosure with a loan modification and many of those who do obtain a mortgage modification end up defaulting which lands them right back in foreclosure.