When President Obama was running for office in the fall of 2008, a primary concern was the struggling United States economy, especially as it affected everyday citizens. One of his first initiatives after taking office in January of 2009 was to come up with a nation-wide plan that would help rescue floundering home owners from losing their homes due to foreclosure.
This type of program would not only help the individual home owners who would not have to suddenly leave their beloved homes and find housing elsewhere, but also the lending institutions that would be left with unpaid mortgages if the trend continued, and would assist the already overtaxed housing rental market by not suddenly flooding it with more families in need of housing. Under this program, homeowners are able to apply to their lenders for a “loan modification” on their current mortgage. This loan modification, if it is approved, would lower the interest rate on their existing mortgage, sometimes to a little as 2%, thus often significantly decreasing their monthly mortgage payments. Various financial institutions may also offer various other incentives to their borrowers that make this an even more attractive opportunity for homeowners who are facing financial difficulty.
In the course of the loan modification application process, the same factors that were considered in the initial loan application, such as debt-to-income ratio, will be considered again. Debt-to-income ratio, which is the percentage of your income that is devoted to paying off any kind of debt that you owe, is required to be less than 45%. Doing your homework on the information required to fill out the application will speed the process and make it less stressful.
There are also many sites online that will give you more information about what is involved in applying and help you through the process. Don’t hesitate to seek professional help as you consider whether or not the loan modification program may be the very help you need to survive and be able to stay in your home during these troubled economic times. Many local companies and individuals, perhaps right in your own community, can also be very helpful to you in making these decisions. Even though this is a nation wide program, you may find that different lenders have a few different requirements for applying, so be sure to consult your own personal lender to be sure you will meet the criteria and have all the information you need.
Yes of the most grandiose proportion!
youre my fav artist
no doubt
u must draw yourself sometome xD
Mmm sexy even as a painting!
Awesome job!!
Biggest problem is that it really doesn't help people who are struggling but still paying their mortgages. it's only written to assist those who are already losing their homes to foreclosure, or are in threat of foreclosure.
There is nothing in the bill that would help me, for example. I make 50,000 before taxes each year, my house note is 864.00 a month, and I've acquired 2 new mouths to feed, so it's tough to pay for the house note, the extra water usage, the extra food used, the extra transportation necessary, and all the extras that go with a 5 year old and a 25 year old, and still pay my bills otherwise.
The problem with the bill is that it doesn't help the struggling, it only helps the failing…. and if they don't help the struggling ones, they will ultimately become part of the failing ones. It's merely a matter of time.
http://www.usnews.com/money/personal-finance/real-estate/articles/2009/03/04/obamas-loan-modification-plan-7-things-you-need-to-know.html
I agree with Los Mojados, "The whole banking system is constipated."
Plus the banks are ripping into us good. I was one day late on a credit card payment to Bank of America (since I was in Europe on vacation) and they raised my interest rate from 9% to 25%!! And my credit rating is sterling…
This is awesome.
~~There is not allot of info on this that I can find yet. I believe it is better explained on http://www.whitehouse.gov but have not had time to to read it. I would wait a few more weeks and speak with your loan company. It is so new, no one seems to have clear cut info on it yet in the lending industry. However he has said, for people who are suffering to keep their homes from the economy will be able to do so. This gives me hope for all of us in the similar situation as yours!~~
My wife quit her job about 2 years ago. She has no immediate plans to re join the work force, even though we are financially sinking in an eyeball deep sea of debt. It's true when they say,"men work because they must,women work because they want to".
My niece in Florida is doing a modification under this plan. The bank is going to modify her mortgage from the $235,000 purchase price to current appraisal which is about 119,000. All she has to do is pay $775 for the next three months, (her original payment was close to $1900), and they will modify it for her. She got scammed by her real estate agent, who was trying to short sale her house to a relative. She told my niece she had to move out of the property, which she did Jan 2008. She just got a call a couple weeks ago from the agent saying she couldn't sell the house and her contract was up.
My niece called her mortgage company, who was surprise my niece was not longer living in the house, and they were the ones who told her the agent was trying to short sale to a relative (of the agent) who couldn't get financing. They told her move back in, get the utilities back on in her name and make the three monthly payments of $775.
The realtor also attempted to get a low ball appraisal on the house by dumping cola on the carpets in two of the bedrooms, removing and hiding a kitchen cabinet door and the linen closet door and removing all the faucets in the house.
I told her she should report the agent to the Board of Realtors.
fantastic, i wanna know what kinda program u use? photoshop? element? or what?
This. Is. SOOO. amazing.
i watch this video all the time because it’s just so amazingly beautiful <3
go up to your URL bar, put a Q between the words you and tube and then press enter or click go
i cant believe you just drew that… i mean it looks like a photo
Yes, and the loans were paid back or converted to bank loans.
That's the problem with the USA today, someone tells us a lie and it scares us so we repeat it and pretty soon it is like The Big Lie….Home of the Brave does not only refer to soldiers, it means that citizens must have the courage to look for and state the truth, not the schlock that is spouted by propagandists.
good to see real talent
there is this girl at my school that is OBSESSED with johnny depp, i bet she’d go nuts if she saw this XD
OMG, I would hope not.
You might think Socialism is great, but we are still a free market, you are free to join private associations and the government is not going to regulate that.
oh my god it looks like a photo
dz is clueless. Neither the first or second lender HAVE to do anything. If you refi to put them together you still have to qualify for the new loan. The modification program does NOTHING for 2nd liens.
The Govt plan is a lot of hot air. No lender is required to do anything. Nobody is getting a 2% 30 Fixed loan. Its not happening people. In most cases they are extending the term on the loans. Any reduction in rate is temporary. 5 years at most. If you qualify for a refi your better off refinancing for a low rate that wont expire.
Zeuz is correct its a lot of smoke and mirrors.