Wednesday, August 14, 2013

The Obama Mortgage Refinance Plan 2013 A Repository Of Techniques, For Affordable Loan Programs

The Obama home mortgage refinance program has a variety of programs  to help homeowners out of different mortgage problems. The housing crisis has created mortgage problems by way of negative equity, unemployment, bad credit rating and such. As a panacea for such disconcerting situations, the Obama mortgage refinance plan 2013 provides the following programs:

Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP) is useful when a second mortgage is there and the first mortgage servicer agrees to participate in FHA Short Refinance. With such an agreement you may be eligible to have your second mortgage on the same home reduced or eliminated through the FHA Second Lien Program (FHA2LP). When your second mortgage servicer agrees to participate, he is agreeing to the condition that the total amount of your mortgage debt after the refinance cannot exceed 115 percent of your home's current value. You many be eligible for this program if you can qualify for FHA Short Refinance and if you obtained your mortgage on or before January 1, 2009.

Home Affordable Refinance Program (HARP) is for borrowers who are not behind on their mortgage payments but have been unable to get traditional refinancing because the value of their home has declined. HARP has been formulated to help you get a new, more affordable, more stable mortgage. To benefit from this program you require a loan application and underwriting process, and also keep in mind that refinance fees will apply. There are some elibility guidelines that need to be followed too.

FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance) is for borrowers having mortgages not owned or guaranteed by FHA, VA or USDA to refinance into more affordable, more stable FHA-insured mortgages. If you have been regular on your mortgage payments but owe more than your home is worth, FHA Short Refinance may be an option that your mortgage servicer will consider. FHA Short Refinance has been put forth to help homeowners find a new, more affordable, more stable FHA-insured mortgage. When your current lender agrees to participate in this refinance, he is actually agreeing to reduce the amount you owe on your first mortgage to no more than 97.75 percent of your home's current value.

Obama mortgage refinance plan 2013 has tried to bring the benefit of refinancing to maximum homeowners. When refinancing is opted for, borrowers look for low cost plans to manage a regular monthly saving. This amount can be invested for a worthwhile project or can be utilized to pay-off debts.  Obama home mortgage refinance program could seem a bit confusing, especially in a worried frame of mind. At  there are a number of experts guiding about the very same programs, to remove all chances of confusion.

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