Obama’s Stimulus for Mortgage Refinance and Loan Modification

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Obama’s government has appeared up with home refinance stimulus package and loan modification programs to help all the needy owners in avoiding foreclosure. This program is designed accurately for all the borrowers who are adverse financially hardships as they are not in an action to accord the loan. The home refinance stimulus package and loan modification would cover as much as 9 million mortgages same way the government would spend $75 billion for helping the homeowners.

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2key components of Obama’s Stimulus Package that are:

1. Home Mortgage Refinance

2. Loan Modification

Let us converse about these components:

1. Home Refinance Stimulus Package

Fannie Mae and Freddie Mac is the powerful government mortgage refinance lending agencies would refinance the home loans of all the owners who owe much more amount to the bank than the actual value of the house. The only condition for this package is that the mortgage has to be an affirmed by Fannie Mae and Freddie Mac, and again even if you are able to pay the additional amount, you can get advantage of the program.

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But this offer is only valid for the residential properties. And this is the major condition to join the stimulus package. Those who are not living in that property will not qualify for Obama’s home refinance stimulus package.

2. Loan Modification Stimulus Package

Obama’s government is providing special incentives to all the lenders for doing loan modification on the present home loans of the borrowers. The home owners can get free of foreclosure, lower interest rate by getting loan modification stimulus package. The key features of this program would be interest rate reduced and it can go down to 2% only, tenure of the loan would be increased to reduce monthly payment amount and borrowers will get waiver of late fees. With loan modification, Lender will also take care of borrower’s total monthly payments and it would not increase than more of the total monthly gross income.