Thursday, July 4, 2013
President Obama Offers Mortgage Relief Plan 2013 To Millions Of Homeowners Of America
In response to the recent housing market crisis and increasing number of foreclosure, a need to provide relief to tens of thousands of homeowners who struggle to afford their mortgage payments and are therefore at imminent risk of foreclosure has arisen. To help these homeowners manage their mortgage payments wisely and prevent foreclosure, the Obama administration introduced the Making Home Affordable (MHA) plan or Obama mortgage relief plan which comprises two major programs, a loan modification program and a mortgage refinance program. Depending on homeowner’s individual mortgage payments troubles and overall financial situation, he should move ahead with the right program.
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Needless to say, a prolonged inability to afford mortgage payments and having a number of defaults on mortgage not only leads to lower credit score but it also makes homeowner suffer from foreclosure which no one will prefer to experience in his or her life. Here, one can use Obama mortgage relief plan 2013 to his advantage. But prior to applying for it, it is advisable to understand what this program is all about, how it functions and what alternatives to foreclosure it consists of.
Under Obama mortgage relief plan, one can consider applying for the Home Affordable Modification Program HAMP which is designed for homeowners who are struggling to make their mortgage payments; HAMP may help these homeowners lower their monthly mortgage payments to make them more affordable and sustainable. On the other side, borrower who is not behind on his mortgage payments but cannot get traditional refinancing due to declined value of his home can consider applying for the Obama mortgage relief plan known as Home Affordable Refinance Program which could help him refinance into a more stable and affordable mortgage product. Moreover, there is also the Second Lien Modification Program which can be opted for to have modification or principal reduction on borrower’s second mortgage.
Thus there are many alternatives under Obama Mortgage Relief Plan 2013 which one can explore; however each program is designed for specific needs of struggling homeowner and different programs have different approval criteria, process requirements, etc. Therefore, it could be advisable for one to engage a competent mortgage expert prior to making his choice. The expert who has spent years in the mortgage industry will assist borrower well in choosing the right Obama mortgage relief plan 2013 or program and also help him improve his eligibility for the same. To know more about the subject