Mortgage Bailout Program has been announced by treasure department to help all the existing homeowners to make the home loan payments affordable. This program has specially been designed for low income group families who are facing foreclosures due to financial crisis leading to increase in monthly expenses and decrease in income. All such homeowners are eligible for this mortgage bailout program.
Here are latest updates on Obama's Mortgage Bailout Program:
· All borrowers who have not been making the payments for their mortgage falls under the qualifying category of the bailout program. Its main features are as follows :
1. Reduction in interest rate and monthly payments.
2. Loan Term Extension. For e.g. If your current loan term is for 30 years, you can now get it converted for 40 and 50 years.
3. Reduction in the Principal Amount.
· If you have an adjustable rate mortgage which is about to get adjusted on a higher rate, then the mortgage bailout program offers this excellent plan in which the current loan would be freezed on the rate on which the loan was started.
· According to mortgage bailout program, you are eligible for the loan modification if your monthly payment is more than 38% of your gross income then the banks would do alterations to the loan and would bring it down to the ration of the income. And further government would make sure that the borrower's payment shall not cross 31% of his gross income.
· For getting the benefits of the bailout program, you necessarily do not have to be a defaulter on your loan, but you have to be the primary owner. No second owners can apply for loan modification. shall not be too large and must fall under the current loan limits confirmed by Fannie Mae and Freddie Mac.
· The rate relief would be provided for the initial 5 years. According to mortgage bailout program, borrowers would enjoy low rates for first five years and then the rate is going to be adjusted according to the market rate of that time.
To know more about Mortgage Bailout Programs and to check if you qualify
Click Here --> Mortgage Bailout Plan
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here --> Federal Grant For Homeowners
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