Friday, November 8, 2013

Find Low Interest, Secure And Affordable Mortgage Loan With Obama Mortgage Relief For Seniors

There are some encouraging reports on the housing situation since the onset of Obama Mortgage Relief Plan 2013. Recent study shows less foreclosures and a decent amount of purchase of homes, in certain areas. People have realized that most mortgage problems can be solved through a better, more affordable loan plan. The Obama mortgage relief program 2013 houses some of the best techniques adopted by the US administration to lift the nation’s struggling housing market.

With the announcement of an extension, till December 2015, for all the MHA programs, more and more homeowners are encouraged to benefit from the prevailing low interest rates on mortgages through the HARP 2.0 refinance option. Obama mortgage relief program details reveal that this program is a great help for borrowers who are not behind on their mortgage payments and still have been unable to get traditional refinancing. The reason being that the value of their home has declined. HARP has been formulated to help borrowers get a new, more affordable, more stable mortgage in such a situation. This program is unique because normally lenders do not refinance underwater mortgages. To benefit from this particular plan, you require a loan application and underwriting process. Also keep in mind that refinance fees will apply.

Apart from refinancing options, loan modification options are also included into MHA. Home Affordable Modification Program(HAMP) is quite popular with borrowers when it comes to loan modification. Only an employed homeowner, finding mortgage payments unbearable, can take advantage of this program. Other programs under MHA are Principal Reduction Alternative SM (PRA), Second Lien Modification Program (2MP), FHA Home Affordable Modification Program (FHA-HAMP), Obama mortgage relief for seniors or USDA’s Special Loan Servicing, Veteran’s Affairs Home Affordable Modification (VA-HAMP), Home Affordable Foreclosure Alternatives Program (HAFA), Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP), FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance), Home Affordable Unemployment Program (UP), Hardest Hit Fund (HHF).

Obama’s Mortgage Relief Plan has tried to bring the benefit of refinancing and modification to maximum number of homeowners. When refinancing is opted for, borrowers look for a new, low cost plan to manage a regular monthly saving. When modification is sought, the existing lender is approached to modify the loan plan for a similar effect. The amount saved can either be invested for a worthwhile project or can be utilized to pay-off debts.

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