The Obama administration launched the “Making Home Affordable” initiative today, which will greatly improve the worry factors of an estimated 5 million qualifying homeowners. The Boston Globe has a bullet list of the plan’s main points. Among them:
• Interest rates can be lowered to as low as 2 percent and then if necessary, the term of the loan can be extended to a maximum of 40 years.
• The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill). The home may not be investor-owned.
• Borrowers must provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify.
• Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1, 2009 or earlier.
• Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years.
See more here.
So what about me…? I didn’t forge or scam anyone !!!
I found two things I think you’ll find valuable in doing the eligibility calculation. I found a site where you can plug in your mortgage info and some other numbers and you get a result as to which plan you qualify for or don’t qualify for and what incentives you might get. There was a ton of crap websites and the Treasury guidelines are helpful but I think a little ambiguous, at best.
I found out I’m not eligible for either program, because I’m not at risk and have more than 20% equity in my house but for other people who want to see if they are eligible, this could be useful:
http://www.homeaffordplan.com
Got some great information about the “making home affordable” mortgage plan at http://www.making-homes-affordable.com/
i have a disable child, my home going under foreclosure, my home is set for her dissability, i dont know what to do anymore. i need help . how can i get help…