Wednesday, March 4, 2009

Obama's Mortgage Modification - Do you qualify?

Who is eligible?
  • You should have kept current with mortgage
  • 20% equity in the house
  • May be default or at rick of default
  • The home should be owner occupied
Who is NOT eligible?
  • Speculators, who bought as investment
  • The property values has dipped by more than 5%
  • Should not be a jumbo mortgage
  • Those who misrepresented their income in the loan application
What you should do?
Benefits you will get
  • Refinance mortgage loan to low interest rates
  • The lender will lower the monthly payment to 31% of the gross income.
  • Borrowers who are prompt in making loan repayments will get incentive bonus of $1000 per year for 5 years
  • Interest rates cannot be less than 2%
  • The refinance will last for 5 years
It is estimated that it could benefit 8 to 9 million homeowners from the new modification procedures. Even if you don't meet the above eligible requirements you might still qualify for other Mortgage Modification Programs.

Click here to see if you qualify for Mortgage Modification Program

Every day you put this off is probably costing you money.