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          Home Loan Modification

          Two Types of Assistance on Housing Trouble

          Chuck Marunde by Chuck Marunde
          April 19, 2009
          Reading Time: 2 mins read
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          The Obama administration’s housing plan will offer two types of assistance that are designed to help make mortgages more affordable for up to 9 million homeowners.   The plan includes two parts:   refinancing and loan modifications.

          Refinancing. Homeowners with more than 20 percent equity in their home can easily refinance their mortgage at today’s low rates and decrease their monthly payment by hundreds of dollars. But people whose home values have dropped significantly will have a tough time finding a lender that will refinance their mortgage. This refinancing program will help those people refinance. To qualify, your loan must be owned or guaranteed by Fannie Mae or Freddie Mac, and you must not have missed any loan payments in the past 12 months. The deadline for refinancing under this program is in June 2010.

          Chances are your loan is owned or guaranteed by Fannie Mae or Freddie Mac even if you send your monthly payments to a mortgage servicer. Ask your loan servicer whether Fannie or Freddie owns your loan, or look up your loan in the Freddie and Fannie databases at http://MakingHomeAffordable.gov.

          Loan-Modification. This program is designed to help people who are struggling to make their current mortgage payments. The government will provide incentives for lenders to lower your monthly mortgage payments to 31 percent of your gross monthly income, either by lowering the interest rate to as little as 2 percent or by extending the terms of the loan up to 40 years. To qualify, the loan must have originated on or before Jan. 1, 2009, the principal balance cannot exceed $729,750, and the home must be a primary residence. Borrowers also have to document income and sign an affidavit of financial hardship., and the modification must take place by Dec. 31, 2012.

          Last Updated on April 19, 2009 by Chuck Marunde

          Tags: Loan Modificationrefinancing
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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          • Home
          • Search MLS
            • Sequim MLS
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            • Port Angeles MLS
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