Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Obama Plan ............... New Loan Modification Program
 
The Homeowner Affordability & Stability plan was released by the Obama administration on Wed March 4th.  There were two major parts of this plan that affect the Mortgage Industry.  The first part of the plan is a modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure.  The second part of the plan is a refinance program for existing Fannie Mae or Freddie Mac loans.
While our Executive Vice President at McCue Mortgage, Kim Neilson and others are still assessing the details of the Fannie Mae/Freddie Mac plan to determine our next steps, they have summarized it to a point that would make it more understandable to rest of us, and I will sharing this in two blogs.
The first part of the plan that as I stated above is the modification program that Servicers will offer to borrowers with high debt-to-income ratios or who are at risk of foreclosure, which states that:
Existing mortgage must currently be a Fannie Mae or Freddie Mac loan. The mortgage loan is delinquent, or is expected to go into default soon. Borrowers must occupy property as primary residence Borrowers must provide hardship documentation. Borrowers ... more

__________________________________________________
Are you on The Rain? Grow Your Network!