Wednesday, October 16, 2013
Secure And Affordable Mortgage Mortgage Loan With Obama Mortgage Relief Plan 2013
A few years back the stress in the financial system had severely reduced the supply of mortgage credit, limiting the ability of Americans to buy homes or refinance mortgages. Millions of responsible families who had made their monthly payments timely, too, saw their property values fall. The Obama mortgage relief plan was brought in to remedy this situation.
So far it has managed to help more than 2 million families to refinance through the Home Affordable Refinance Program (HARP) and more than 1.1 million families to refinance through FHA's streamlined refinancing program. So Obama mortgage relief plan can very well be acknowledged and appreciated for helping families refinance their mortgage, to save thousands of dollars each year. More than 6 million families stay in their homes through modified mortgages now. The Making Home Affordable Program, a module of the above plan, was a critical part of the Obama Administration's broad strategy to help homeowners avoid foreclosure, stabilize the country's housing market, and improve the nation's economy. Through this module homeowners could lower their monthly mortgage payments and get into more stable loans. And for those homeowners for whom homeownership was no longer affordable or desirable, Obama mortgage relief plan, or MHA, provided a way out that helped prevent foreclosures.
To include more homeowners into the ambit of this plan a few improvements were made to the qualification process. The revised version or Obama Mortgage Relief Plan 2013 was planned to be effective till December 2013. Now it has been extended to 2015. Some of its other achievements are - expanding use of principal reduction for eligible borrowers, providing out-of-work Americans the opportunity of delaying mortgage payments for a year while they get back to work, extending the forbearance period for unemployed homeowners with FHA loans from four to twelve months, supporting state and local housing finance agencies, supporting first time homebuyer, expanding the Neighborhood Stabilization Program and creating HFA (Hardest Hit Fund).
Although, interest rates are moving up, some of the above mentioned programs are still very helpful in solving problems arising out of different mortgage situations. To understand the fundamentals of the application process and qualification guidelines associated with each of the modules, homeowners can depend on expert guidance available on reliable websites. A team of competent loan refinance experts, who are well versed with the legal rules and regulations that apply to the Obama Mortgage Relief Plan 2013,