Important: The content below is not professional advice, including legal, financial or advice as a foreclosure consultant.
In Barack Obama's foreclosure relief plan the Government would require a reduction in interest rates and potentially a reduction in the principal amount due on the loan. This would result in a loss to the lenders. To help lenders cover this cost the Government is going to share the cost of this reduced amount. After all if the homeowner is not responsible for paying this amount, then somebody is. In this case, the Government will match the lender in reducing the homeowners reduction.
For example, consider a homeowner with a $200,000 mortgage and a 9 percent interest rate who now pays about $1,700 a month, including taxes and insurance. Lowering the interest rate to 5 percent would reduce the payments to about $1,160. The government and industry would each chip in to cover the difference, about $540.
It is clearly important in this plan that if the Government and lender modify the homeowners loan, then they want to be sure that the homeowner will be able to afford to stay in the home at the new modified monthly loan payment. To do this they will be requiring that the homeowner who is applying for assistance take a Mortgage Modification Affordability Test.
The Foreclosure Relief Plan has yet to release this Affordability Test. When they do in the next 24 hours it will be available here for you to use for free. Please bookmark this site.
Please spread the work about this foreclosure relief plan by promoting iHomesavers free assistance website on Yahoo's Buzz index.
IIf you do not qualify for a Government based homeowner's foreclosure relief program and you want to understand what other options are available to you we will connect you with a free consultation. These programs are described in more detail under Non Gov. Programs to your left. If you would like to speak to somebody right now simply provide the details of your situation below and a home foreclosure prevention expert will contact you and answer all your questions.
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iHomesaver is not providing legal, financial, investing or any other professional advice. Although we believe the content on this website to be acurrate, it is general in nature and does not fully describe the complex details of every debt or foreclosure situation or the program you may ultimately choose to use. It is recommended that you always contact a professional in the appropriate field for advice before making any final decision.
Nothing on this website is intented to lead visitors to believe that there is any gaurantee that a you will not have to file bankruptcy in the future or that you will not have to foreclose on your home.
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The information provided by you to iHomesaver is not an application
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lender. Programs described in your consultation are not available in all states. Homeowners should only do business with services licensed to provide foreclosure prevention services in their state.
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