Government Mortgage Assistance Program For The Benefit Of Americans [mortgagerates-tips.blogspot.com]
Pennsylvania's Homeowner's Emergency Mortgage Assistance Program, an Innovations in American Government Awards finalist, presented before the National Selection Committee in 2007.
mortgagerates-tips.blogspot.com Homeowner's Emergency Mortgage Assistance Program: Finalist Presentation
Home owners can now avail Government mortgage assistance programs to avoid foreclosures and refinance their mortgages. The recession compelled the American Government to pass this Bill in 2009. It is very critical for a struggling home owner to be aware of and derive the benefits due to him from these programs.
Â
Government mortgage assistance helps homeowners avoid foreclosures. This is for people who are unable to pay their monthly mortgages. It also helps a homeowner paying the mortgage to use fixed-rate loans to make less payment every month. People can modify existing mortgages and refinance their homes.
Â
Mortgage Modification
Â
Homeowners who cannot pay their mortgages on time have to work with the lender in order to change the terms of mortgage.
The homeowner gets to keep the home while it avoids the foreclosure-process for the lender. Usually, the interest rates are reduced for a certain period during which one can pay off more of the principal. And, if the homeowner makes monthly payments on time, he/she is eligible for a reduction in the principal balance. The lender qualifies for incentive payments for each modified loan. This Government mortgage assistance plan expires in December 2012.Mortgage Refinance
Â
This government mortgage assistance program helps people who have lost a lot of their home\'s value.
People with no equity or negative equity and those who are consistent in their monthly payments qualify for refinance loans. The eligibility criterion requires that the loan has to be owned by either Freddie Mac or Fannie Mae. A person is ineligible, if the property value has plunged too low or if the loan is a jumbo loan. This refinancing option expires in June 2010.Â
One should realize the benefits of the government mortgage assistance programs. With the help of experienced and knowledgeable professionals, one can secure government aid to help make the mortgage payments.
Â
Related Government Mortgage Assistance Program For The Benefit Of Americans IssuesQuestion by : Government Mortgage Assistance Commercial/Newscast? I was watching TV a few days ago and I can remember if it was a newscast or commercial, but it said The President has implemented a mortgage assistance program for people who have recently lost their job. can anyone please tell me if this is true and where I can find information on the qualifications and who to contact. Best answer for Government Mortgage Assistance Commercial/Newscast?:
Answer by Eudora Welty
What you most likely saw is called the Home Affordable Modification Program. You can read about it here http://www.makinghomeaffordable.gov/ Some of the basic qualifications are: - you need to either be in default or emanate danger of default - the home needs to be owner occupied - the mortgage payment needs to be more than 31% of Income The program has not proven to be as successful as people have hoped, and is not a silver bullet to your mortgage problems. The main issue is that lenders are not mandated to modify the loan, only to participate in "good faith" negotiations.
