CLICK HERE FOR THE OBAMA HOUSING PLAN, INSTANT DOWNLOAD

More FAQs continued from Mondays post….

Q: Okay, let’s say I meet those qualifications — what does this get me?

The idea is to shift home-buyers (really home-debtors) from riskier adjustable-rate mortgages into traditional 15-year or 30-year fixed-rate mortgages without prepayment penalties. This means that your current payments could actually increase if you refinance, especially if you have a “teaser” rate, so choose wisely.

Q: If I’m current with my mortgage and use this program to refinance, will this reduce how much I owe?

Nope. It’s just designed to aid refinancing — meaning that if you have a 7 percent or 8 percent mortgage and haven’t been able to refinance, you now stand a better shot of doing it. You’ll still owe the same amount in debt. (Actually, because of refinancing costs, you’ll probably owe a few thousand dollars more.)

Realtors, Learn how to make money from Loan Mods. Offering loan mods is a make money now opportunity. Help others save money on their house payment and earn a great living. Watch the FREE Agent Loan Mod Secrets video now.

Q: So if my house has fallen by more than the approved amount, or I don’t have a confirming mortgage because I live in a more expensive area, and I’m not having trouble making payments, where does that leave me?

Unless the March 4 announcement contains some surprises, you’re left with the same options that you had before Wednesday’s announcement.

Q: The above answers are interesting, but they don’t apply to me because I’m behind on my mortgage or struggling to make payments. How am I affected?

This is a bit more complicated. If you’re behind on your payments or at risk of imminent default, you may qualify for a payment reduction. You need to (a) have a conforming mortgage; (b) have a monthly mortgage payment greater than 31 percent of your monthly pre-tax income; (c) live in the property as your primary residence.

Also, borrowers with “high debt levels,” meaning 55 percent of their pre-tax income including mortgage payments, car loans and credit card debt, will be required to enter a government-approved counseling program.

Popularity: 1% [?]

Similar Posts:

1. Obama Mortgage Modification Plan | Loan Modification Training As promised here is a comprehensive...
2. Whats In The Obama Housing Plan For Me? | Mortgage Loan Modifications President Barack Obama’s new mortgage relief...
3. Obama Housing Plan Q&A | Loan Mod Training | How To List REOs President Obama announced a $75 billion plan...