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.

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.

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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. 

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