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Obama’s Loan Modification Plan Explained

October 1st, 2010 · No Comments

Obama Loan Modification Plan Explained The key components of Obama’s foreclosure-avoidance program are loan modification and loan refinancing. nike sandali bambini nike dynamo free Nike Chaussures Homme New Balance 420 femme nike tn femme 2017 The details of this provision has created an extraordinary opportunity for millions of people to either re-finance or modify their existing mortgage. New Balance 997 femme Asics Gel Lyte 3 Femme Bleu Doudoune Parajumpers Harraseeket Nike Air Presto Femme What is Obama’s loan modification plan? President Obama recently announced a $75 billion initiative called the Homeowner Affordability and Stability Plan (HASP). Canada Goose Manteau Homme Nike Air Max Command Homme Nike Air Max 98 Femme Adidas Powerlift 3 Homme Nike Air Max 90 homme Adidas Yeezy 750 Homme New Balance 515 homme One of the principal tenets of the plan is called the Making Home Affordable initiative. nike air max 95 uomo Jordan 2017 Femme nike air force 1 low donna This initiative is comprised of two parts: • The Home Affordable Refinance program which will help homeowner’s who’s falling home values have prevented them from refinancing because their current loan-to-value ratios are higher than the normal 80% figure and who’s mortgage is owned by Fannie Mae or Freddie Mac. nike air zoom pegasus 83 uomo Nike SB Eric Koston femme Nike Air Max 95 Femme Parajumpers Homme Super Light Adidas Yeezy 750 Boost • The Home Affordable Modification program which is designed to reduce monthly mortgage payments for people who are close to foreclosure by modifying their mortgages and lowering the payments on their loans. Asics Femme adidas ultra boost uncaged femme Nike Air Max 24-7 Homme Jordan 6 enfants Their loan does not need to be owned by Fannie Mae or Freddie Mac. Adidas Zx 700 Femme Blanche Adidas Zx 700 Femme Noir Adidas NMD Femme nike air zoom pegasus 33 homme Nike Air Zoom Pegasus Femme Adidas Zx Flux Homme Rouge Asics Gel Quantum 360 Femme Nike Air Max 2018 Femme Incentives for Mortgage Lenders and Homeowners In the current economic environment, mortgage providers have been reluctant to refinance loans. nike internationalist homme adidas stan smith homme noir Adidas Zx Flux Homme Bleu Adidas Ultra Boost Homme asics gel lyte v homme Asics Gel Lyte 3 Homme Thus the “Making Home Affordable” initiative actually provides cash incentives to mortgage lenders and loan servicers. Nike Air Max 2016 homme nike air zoom pegasus 32 femme New Balance ct suede gum homme Adidas Zx 750 Homme nike free 4.0 v3 uomo Nike Air Max Command Homme Providers will receive an up-front fee of $1,000 for each eligible modification that meets the guidelines (outlined below and full details here) established under this initiative. Air Jordan 14 Homme adidas superstar 2 homme Nike Air Huarache Homme They will also receive monthly cash incentives (as long as the borrower stays current on the loan) of up to $1,000 each year for three years. nik shox homme adidas superstar 2 homme Adidas Zx 700 Homme asics gel noosa tri 11 femme New Balance 997.5 femme asics gel nimbus uomo New Balance 533 homme

Further, to help lenders remain focused on borrowers who are trying their best to stay current on their mortgages, an incentive payment of $500 will be paid to servicers, and an incentive payment of $1,500 will be paid to mortgage lenders, if they modify at-risk loans before the borrower falls behind. nike air jordan 13 homme New Balance 993 femme nike air zoom pegasus 31 uomo nike tn homme Nike Air Presto Femme adidas eqt femme asics kayano 22 homme Finally, homeowners who make their mortgage payments in a timely manner are eligible for $1,000 reductions in the prinicipal of their loan every year for five years. nike air jordan 13 homme nike air huarache ultra uomo nike air jordan 13 femme Adidas Zx 500 Og Femme Parajumpers soldes chaussures nike Adidas Zx Flux Homme Bleu Overview of Home Affordability Modification Guidelines • Loans must have originated on or before January 1, 2009. New Balance 993 homme Adidas Zx Flux Femme Bleu Nike Air Max BW Homme nike shox femme • Mortgages must be for a single-family residence with a loan balance no greater than $729,750. New Balance Homme Nike Air Max 2016 enfants Air Jordan 13 Homme nike tn femme New Balance 678 homme ffxiv gil sale adidas superstar enfants • Loans can only be modified once beginning March 4, 2009 through December 31, 2012. Adidas Ultra Boost Homme • Home cannot be vacant or condemned and must be a primary residence—not investor owned. adidas stan smith femme rose nike dynamo free toddler Adidas Zx 700 Femme Noir Nike Blazer femme • Interest rate can be lowered to as low as 2 per cent and the term of the mortgage can be extended to a maximum of 40 years in order to maximize the reduction in loan payment. Asics Gel Lyte 3 Femme Nike Roshe Run Enfants Nike Air Max 90 Femme Noir New Balance Femme Nike Air Max 2017 Femme Nike Air Max Thea Femme Rose • Borrowers will need to provide an “affidavit of financial hardship”, their most recent tax return, and two recent pay stubs. asics pas cher Nike Roshe femme Nike Air Max 2012 Homme nike air zoom pegasus 31 uomo • Service providers will be required to follow a sequence of steps that modify the loan in order to reduce the monthly loan payment to no more than 31% of gross monthly income.

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