The Obama Refinance Plan was established back in March of 2009 and has done a lot to allow home owners to refinance. Prior to the plan, it was very difficult to go through the refinance process with a loan-to-value of anything above 95%. That has all changed as the new plan allows you to go through the mortgage application process with a loan-to-value of over 100%. With the great fall of the housing market, many homes are under water, meaning that the owner owes more than the house is worth.

The federal stimulus loan modification plan is called Making Home Affordable Modification. Funded by $75 billion in stimulus money, it aims to reach almost 5 million at-risk homeowners with an affordable mortgage payment. The program is voluntary, but the majority of lenders and servicers are participating-mainly due to the financial incentives offered for each qualified loan that is modified using the standard terms put in place by the Feds. A list of participating banks is available on the makinghomeaffordable.gov website.

Spend the time making sure your application is properly completed. If you submit an incomplete, or incorrectly completed form you risk having your application denied.
Once you have confirmed that you qualify under the new scheme you will be able to take advantage of the following support to ensure you don’t lose your home.

The federal stimulus loan modification plan is called Making Home Affordable Modification. Funded by $75 billion in stimulus money, it aims to reach almost 5 million at-risk homeowners with an affordable mortgage payment.

Waiting too long is the worst thing a troubled homeowner can do, as soon as the borrower sees a problem being able to make their mortgage payment, they should call their lender and start the process. The federal government is encouraging all distressed homeowners to work directly with their lenders to find a loan workout solution like the Obama Mortgage Rescue Plan 2011.

Learn more about Obama Mortgage Relief Plan Qualifications.

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