President Obama has passed a fresh plan called the Homeowner Affordability and Stability Plan. So what is it exactly? This plan is designed to help the millions of Americans that need assistance with loan modifications because they’re having trouble affording their mortgage each month. This plan is funded with $75 billion so if you’re fighting with your home payments, here’s what you need to do to get some of this funding and save yourself from foreclosure.
Before you apply to receive aid under this plan, make sure you meet the general guidelines. Your home can’t qualify for a 2nd mortgage and you’ll need to provide proof of income. The loan should be held by Freddie Mac or Fannie Mae and you must be presently living in the home. Also, the monthly mortgage payment–including insurance and taxes–must be over 31% of your income.
The sooner you apply for a loan modification the sooner you’ll receive help! This entire process will cost you nothing but can end up saving you thousands and potentially stop the process of foreclosure on your home and residence. If you’re approved for the Homeowner Affordability and Stability Plan assistance you may see a number of things, including a lowered interest rate and payment, a reduction and forgiveness of some of the principle, an adjustable rate converted to a low motionless rate, missed payment forgiveness, and removal of late fees and penalties.
Don’t wait until it’s too late to do anything to help you. This plan is in effect now and can truly save your home and save you the stress and heartache of going through foreclosure and even bankruptcy. $75 billion has been set aside to help homeowners like you that are in trouble and feel like there’s no way out. If you’re considering this program and want more information, talk to someone that is knowledgeable and can reaction your questions. Time is running out to save your home so find out now how you can apply for this federal aid!