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 www.mortgage-refinanceprograms.com there are a number
of experts guiding about the very same programs, to remove all chances of
confusion.
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