Saturday, April 4, 2009

Obama's Homeowner Stability Plan - How Can President Obama's Stimulus Package Save Your Home? By Luke Cambell

President Obama has come on the chair in a scenario where the US people are going through a sheer financial dip. Neither the markets are high not the economy. The statistics say that today the 10% of the home owners are facing a foreclosure. The rest 9 are soon suspecting one. The reason is simple - the income has gone down, the companies are crashing & people are losing their jobs, and the property market is also fluctuating. The house is no longer worth the amount you are paying for it.

Now Obama has come up with the Home Owners Stability Plan. Declared on February 18, this plan has come in to execution on March 4, 2009. This plan can actually help several home owners to stabilize themselves and save their homes from the foreclosure. Under this plan, the US Federal Government has issued $ 75 billion to help the home owners in need.

Here are the key pointers of Obama Home Owners Stability Plan:

· For every loan modification that the lender or the mortgage company does, they would get $ 1000.

· The Obama policy has stressed on the fact that foreclosure does not favor either of the parties, that is the borrower & the lender. So, they have indeed favored loan modifications.

· Earlier the property owners could apply for loan modification if they owned 20% of the equity. Now, irrespective of that figure, in case the current market value of your property is lower than 105% of the mortgage amount, you are legible for the loan modification.

· The monthly payments for the home can not exceed 31% of your monthly income.

· The total monthly payments made towards home, car loan, credit, etc. all together must not be more than 55% of the pre tax income.

· The Obama government has provided several counselors under the HUD department that help you negotiate with the lender at zero cost. You must prefer them over the private companies who earn loads of profits from you.

· The only limitation that you see in this policy is that all these pointers would help you only if your mortgage plan is insured or owned by the Fannie Mae & Freddie Mac.

President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure. To know more about Latest Loan Modification Programs and to check if you qualify

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