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President Obama has enacted a mortgage stimulus plan which enables millions of people to get a home loan refinance or modification into a lower, more affordable monthly payment. This program is designed to help millions of homeowners with over $75 billion available to do so. Here is how a homeowner can get a mortgage refinance or modification with Obamas housing plan.

Millions of homeowners are being targeted by President Obamas stimulus plan. This program is designed to assist people get a more affordable home loan through new refinancing and modification options. Now, homeowners with all types of financial hardships can get help. Some of the biggest problems effecting homeowners are:

-Loss of a job or reduced income

-A home that has dropped in value

-Medical bills

-Adjusted rate mortgages that have gone up and are no longer affordable

-Bad credit or other debt problems

Millions of people are at a serious risk of losing their home to a short sale, foreclosure, or loan default. In order to help restore stability to the housing market, Obama has enacted a $75 billion stimulus program designed to help homeowners, and restore some stability to the housing market and economy. Without this stimulus program, the foreclosure and default rate would rapidly rise, and millions of people would lose their home.

Homeowners will see some huge benefits when they get a mortgage refinancing or modification with Obamas stimulus plan. Some of those benefits include:

-Interest rates that can be as low as 2%

-Easy qualification requirements for all types of homeowners looking to refinance or get a home loan modification

-No closing costs, fees, or prepaid points are needed. This is a true no cost home loan modification or refinancing option

Homeowners should contact their mortgage lender or bank today and see what the benefits of refinancing a mortgage with Obamas plan are. Millions of people can get help, you should see if you can too.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/get-2-mortgage-rates-from-refinancing-with-obamas-stimulus-1768029.html

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In this current economic crisis many people are facing financial troubles that may result in a foreclosure. There are many options available to avoid foreclosure.

Many people try to sell their houses before it goes into foreclosure, however with the current housing market it may be difficult to keep up with the mortgage payments while the house is on the market.

Natalia Osorio Editor of the “Loan Modification Foreclosure” website — http://www.LoanModificationForeclosures.com — pointed out;

“…One of the most frequently asked questions is whether you can make partial payments to your mortgage company while it is on the market. There is no simple yes or no answer to that question as it depends on your mortgage lender. Your best course of action is to contact your mortgage lender immediately to explain the situation…”

Mortgage lenders are currently faced with a multitude of foreclosures, and they are losing millions of dollars monthly. A foreclosure on average will cost them on average about $100,000. Therefore most mortgage lenders will be more than willing to work with you. If they know that you are planning on selling the house it means that they will eventually get the full amount of their loan back. Therefore partial payments for a few months while it is on the market may seem more feasible to them. It is important that you stress to them that if you cannot make partial payments you will not be able to make payments at all.

While the above scenario seems to make sense for mortgage companies to agree to allow partial payments, there are some mortgage companies that will not agree to such terms. The reason for this is mostly because of accounting problems. With a partial payment they will not know whether to put it towards principal or interest. In this case you can appeal to the loss mitigation department to try and restructure your loan agreement. Some lenders will require a certain amount of time to pass without a payment in order to grant a loan modification. However just remember that the faster you contact your mortgage company the more options you will have.

“…Keep in mind the current housing market. Most houses are sitting on the market anywhere from six to nine months. Assess how much you have in savings and how much you think you will be able to pay to your mortgage before contacting your mortgage company. For example if your monthly mortgage payment is $2,500 and after assessing your finances you decide that you can only pay $1,500 per month. Then you can use that number to give to the mortgage company. You also may want to consider a foreclosure assistance company. These companies will help you go through your finances and determine how much you can pay and may also negotiate with your mortgage lender on your behalf…” N. Osorio added.

Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.com

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/can-you-pay-partial-mortgage-payments-while-your-house-is-up-for-sale-to-prevent-foreclosure-1763693.html

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President Obamas stimulus plan has made refinancing a mortgage a great move for many homeowners to make. There is over $75 billion in money available to help homeowners get 2% mortgage interest rates, no closing cost refinancing options, and to get an almost guaranteed approval. Here is how to use the Presidents home stimulus plan for yourself.

Right now, homeowners are struggling. Millions of people are facing foreclosure, or are struggling to make their monthly home loan payment. This is mainly due to a horrible economy and housing market, but also due to a large number of people having an adjusted rate mortgage. President Obamas stimulus plan provides relief to nearly any homeowner struggling with financial problems or mortgage issues that would traditionally not allow them to get approved for a beneficial mortgage refinance.

Homeowners can find help from the Obama stimulus plan even if:

-They owe up to 25% more than their home loan is worth. This is because many homes have dropped in value since the housing market is in such bad shape.

-Pay more than 31% of their gross monthly income towards their monthly home loan payment. This includes taxes, insurance, and home association fees.

-Have bad credit or other financial problems that would make them not able to get approved without help from Obamas stimulus plan.

-They have an adjusted rate mortgage that is constantly increasing in interest and they want to switch to a more stable fixed rate home loan.

Millions of homeowners can use Obamas plan and get themselves a mortgage refinance. This program has made it easy for homeowners to save money and stop their home from being lost to a foreclosure or loan default. Use it now before it goes away. Contact a mortgage lender or bank to see the benefits this stimulus plan can provide you.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/how-to-use-obamas-stimulus-plan-for-a-home-mortgage-refinance-1761576.html

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Home mortgage refinancing is a great way to save money and prevent your home from being lost. President Obama recently announced a stimulus plan that makes refinancing a mortgage easier, and more beneficial, for millions of homeowners. Here is why homeowners should refinance their home loan with Obamas housing stimulus plan.

Refinancing a mortgage was not always possible or beneficial unless a homeowner had a good amount of equity in their home, a large amount of cash for the closing and prepaying of points, and a decent credit rating. These days though, millions of people are struggling to make ends meet due to a bad housing market and horrible economy. That is why President Obamas plan makes refinancing a mortgage right now a great decision for many people.

This stimulus plan from President Obama allows homeowners facing all types of financial hardships to get help refinancing or with a mortgage modification. Using this program, homeowners can be facing a number of financial problems and still get help. Here are some of the most common problems people are facing and how Obamas plan helps:

-Homeowners can lower their monthly payments by refinancing into a lower interest rate or changing the length of their home loan.

-Homeowners can owe up to 25% more on their mortgage than their home is actually worth. This will help many people in neighborhoods that have seen property values drop.

-There are no closing costs or other fees for homeowners who refinance with Obamas stimulus plan.

-People with bad credit or financial problems like a loss of a job, medical bills, or bad debts can use Obamas stimulus plan and still get a beneficial mortgage refinancing.

This program from President Obama is designed to help millions of people save money, and prevent their home from being lost, regardless of their finances. Getting help refinancing a home mortgage has never been easier than it is now. No matter what your problems are that you think will hold you back, odds are Obamas plan will help you. Contact a mortgage lender or bank today and see what options exist for you.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/save-money-and-prevent-foreclosure-by-refinancing-a-mortgage-with-obamas-stimulus-1755622.html

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Having a good idea of where mortgage rates are headed, can save homeowners or potential home buyers, a lot of money. Refinancing, loan modification, or purchasing a home when the interest rates are lowest, will save you a lot of money every month. So, here are my home mortgage rate predictions for 2010, and how I came to them.

For 2010 I predict that mortgage rates for a 30 year fixed rate mortgage, will be around 5.94% for most of the year. While that does not seem to much higher from the current average rate of 5.19%, it is much higher than rates that may be available early in 2010.

Mortgage interest rates were recently increased from 4.69% to 5.19%. I thought this would happen as a response from mortgage lenders and banks who were over burdened with applications from hopeful homeowners looking to take advantage of the all time low mortgage interest rates. The rates were increased by .5% to stem the flow of refinancing and loan modification applications, but still keep a low enough rate to help a lot of homeowners save their home and avoid foreclosure.

I think this 5.19% rate will remain the same until mid October of 2009, then go back down to 4.69% from the middle of October through April 2010. Then the drastic rate increase of around 1.25% will take place as the housing market and economy show signs of recovery.

Mortgage modification or refinancing when rates are their lowest is the best way to save a lot of money on your home loan. You should take action and do something about your out of control mortgage and refinance now. If you can wait until rates are the lowest that is best, however, if your are facing foreclosure take action now.

I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
For more articles on Mortgage Refinance check out my website

Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-interest-rate-predictions-outlook-forecast-and-trends-for-2010-1743428.html

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