Obama Loan Modification Homeowner Stability Plan

By Anthony M. Flores

The U.S recession has really hurt the economy and has severely increased the jobless rate here in the country.

Barack Obama has figured out a way to reduce the foreclosure rate by offering loan modification to the people that are not able to pay their mortgage payment.

The focus of loan modification is to lower the homeowners mortgage payment. With this in mind, President Obama's government has designed a loan modification plan, which allows homeowners the opportunity to reduce excessive charges that are being imposed on debt paying customers.

How it works?

1. Interest rates and cap:

The loans that will undergo modification will be allotted a significantly reduced interest rate. The modified interest rates can fall between 2-6% depending on the customers hardship and ability to prove financial difficulty due to their mortgage.

2. Principal reduction:

Principal reduction is used to lower the balance thus resulting in lower payments. The loan modification reduction is based on current market value and is not guaranteed by the Obama plan. Each case is unique based on hardship.

3. Monthly reduced payments.

To reduce a homeowner's monthly payments on mortgage, the finance department will join hands with other firms to achieve this objective.

The Obama administration has attempted to lower the qualifications to 38% of the homeowners monthly income.

4. The lenders incentive:

Potential lenders will receive $1000 in incentives to qualify homeowners for the loan modification plan.

In addition, $1000 will be reduced from the homeowners principal, if the debtor continues with the plan. The prime purpose behind this is to help homeowners to refinance their loans.

5. Payments for successful performance of debtors:

The decrease in principal is an added benefit to this loan modification plan. This principal reduction can result in a reduced principal balance of 2-15% of the current home market value.

It is necessary for a borrower to keep all the papers in place to prove that the loan modification plan was signed. This will help the homeowners to keep a track of all the current happenings in the loan modification program.

Obama's homeowner stability plan has assisted thousands of people reduce their home loans.Get Started by using the link below for a free consultation in loan modification. - 32499

About the Author:

Anthony Flores is a recognized authority in http://www.modificationnetbranch.com and loan modification processing questions.Visit our site to see if you qualify for loan modification today!

Hardest Hit States In The U.S. With Home Foreclosures

By Anthony M. Flores

The U.S foreclosure rate has hit an all time high in 2009. Lenders are forced to foreclose on homes due to high unemployment rates which has resulted in a shortage of income leaving homeowners with no choice but to default on their home loans.

The U.S has recorded devastating foreclosure highs which has resulted in one out of every 398 homes facing foreclosure.

Nevada is one of the hardest hit States with one in 33 houses in foreclosure. This figure translates to over 34,417 homes in process of foreclosure. Florida is next with a mind blowing 165,291 homes in foreclosure, which equals one out of every 50 homes in foreclosure.

Some of the other hardest hit states are California, Detroit, Texas, Virginia, Illinois, Georgia, and Michigan. It has been reported that almost 77 percent of the U.S is facing foreclosure.

The State of Las Vegas has seen as much as 14,861 foreclosures. This equals one in every 54 homes in foreclosure. The state of Florida has accounted for 15 percent of the foreclosures in the country.

The factors behind this may include foreclosure policies, exploding demands, vastly different housing markets and differing mortgage plans.Overall, the number of home loans that entered the stage of foreclosures rose to 117,259 in February of 2009, which was 68 percent more from the same month of the previous year.

So what are the reason for high delinquencies and foreclosure? There are several factors. The two that come to mind are depreciation of home value and the other is related to job loss. Lower property value makes it impossible to refinance which has contributed to the highest rates of foreclosure we have ever seen in the country.

There is hope and a solution to curb these foreclosures numbers and help homeowners fight foreclosure. In an effective way to provide a solution to these foreclosure rates, most banks and lenders are providing homeowners with a repayment plan known as loan modification.Loan modification is a great solution in combating these horrific foreclosure rates by reducing the homeowners interest rate and lowering their monthly payments. If you are having trouble making your mortgage payment, consult with your lender to see if there is a program that they may have to help you save your home. - 32499

About the Author:

Anthony M. Flores is an expert in do it yourself loan modification , and a consultant in how to do loan modification

privacy policy

Privacy Policy

The privacy of our visitors to this website is important to us.
At this website, we recognize that privacy of your personal information is important. Here is information on what types of personal information we receive and collect when you use and visit this website, and how we safeguard your information. We never sell your personal information to third parties.

Log Files
As with most other websites, we collect and use the data contained in log files. The information in the log files include your IP (internet protocol) address, your ISP (internet service provider, such as AOL or Shaw Cable), the browser you used to visit our site (such as Internet Explorer or Firefox), the time you visited our site and which pages you visited throughout our site.

Cookies and Web Beacons
We do use cookies to store information, such as your personal preferences when you visit our site. This could include only showing you a popup once in your visit, or the ability to login to some of our features, such as forums.

We also use third party advertisements on this website to support our site. Some of these advertisers may use technology such as cookies and web beacons when they advertise on our site, which will also send these advertisers (such as Google through the Google AdSense program) information including your IP address, your ISP , the browser you used to visit our site, and in some cases, whether you have Flash installed. This is generally used for geotargeting purposes (showing New York real estate ads to someone in New York, for example) or showing certain ads based on specific sites visited (such as showing cooking ads to someone who frequents cooking sites).

DoubleClick DART cookies
We also may use DART cookies for ad serving through Google’s DoubleClick, which places a cookie on your computer when you are browsing the web and visit a site using DoubleClick advertising (including some Google AdSense advertisements). This cookie is used to serve ads specific to you and your interests (”interest based targeting”). The ads served will be targeted based on your previous browsing history (For example, if you have been viewing sites about visiting Las Vegas, you may see Las Vegas hotel advertisements when viewing a non-related site, such as on a site about hockey). DART uses “non personally identifiable information”. It does NOT track personal information about you, such as your name, email address, physical address, telephone number, social security numbers, bank account numbers or credit card numbers. You can opt-out of this ad serving on all sites using this advertising by visiting http://www.doubleclick.com/privacy/dart_adserving.aspx

You can choose to disable or selectively turn off our cookies or third-party cookies in your browser settings, or by managing preferences in programs such as Norton Internet Security. However, this can affect how you are able to interact with our site as well as other websites. This could include the inability to login to services or programs, such as logging into forums or accounts.

Deleting cookies does not mean you are permanently opted out of any advertising program. Unless you have settings that disallow cookies, the next time you visit a site running the advertisements, a new cookie will be added.

disclaimer

CONTENT DISCLAIMER

The information contained in this website is for general information
purposes only. The information is provided by this website and
while we endeavour to keep the information up to date and correct,
we make no representations or warranties of any kind, express or
implied, about the completeness, accuracy, reliability, suitability or
availability with respect to the website or the information, products,
services, or related graphics contained on the website for any
purpose. Any reliance you place on such information is therefore
strictly at your own risk.

In no event will we be liable for any loss or damage including
without limitation, indirect or consequential loss or damage, or any
loss or damage whatsoever arising from loss of data or profits
arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are
not under the control of this website.
We have no control over the nature, content and availability of
those sites. The inclusion of any links does not necessarily
imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly.
However, this website takes no responsibility for, and will not
be liable for, the website being temporarily unavailable due to
technical issues beyond our control.

contact us

Your Name
Your Email Address
Subject
Message
Image Verification Please enter the text from the image [ Refresh Image ] [ What's This? ]