OBAMA PLAN HELPS WASHINGTON
The recent anti-foreclosure bill passed by Congress, aimed at helping millions of struggling borrowers keep their homes, allows for qualified homeowners to swap out a high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration. Under the new Obama plan for homeowners, banks are encouraged to spare borrowers from foreclosure and cracks down on predatory lenders who take advantage of them. President Barack Obama assured that homeowners, having mortgage loan modifications more accessable, facing foreclosure would have a second chance. [MSNBC, 5/19/2009]
Speaking in the White House's East Room, President Obama stated, "too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try... This bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes." [White House, 5/20/2009]
Obama's plan allows for mortgage loan servicers to provide borrowers' their most advantageous option, whether a home loan modification, forgive defaults, refinance to swap a high-interest rate for an affordable and fixed loan backed by the Federal Housing Administration, or other options. Thousands of Washington homeowners are now able to securely prevent foreclosure and save their homes.
Under the HAMP program, a homeowner’s mortgage payment cannot exceed 31% of their gross income, and since most home loans exceed 31%, the majority of borrowers are eligible for assistance. With the help of these new regulations Washington homeowners have a greater chance to avoid foreclosure than was ever possible before.
By filling out a free loan modification evaluation online, Washington homeowners may immediately discover the savings and payments available under the various programs now helping homeowners save their home.
Homeowners now facing foreclosure, and those who are about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.
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