A Guide To The Obama Refinance Plan

As we all know, weve been going through what some call our Great Recession

. While almost all of us have had to cut back in some form or another, there are Americans that have had a darker experience. These people have either lost their home or are in danger of foreclosure.

This article will introduce one of the refinance plans more popular programs. The Home Affordable Modification Program (HAMP) will help many Americans avoid having a foreclosure on their credit histories.

What Exactly is the Home Affordable Modification Plan (HAMP)?

As stated above, Obama wants to lower the housing payments of participants in these programs. In order to participate, homeowners will have to meet certain eligibility requirements. If they meet all criteria, they can advance in the application process.

Obamas refinance plan aims to lower the mortgage payments of participating homeowners by 31%. This could save participants several hundred dollars in monthly payments. To be eligible for the HAMP program, the homeowners must prove that they are able to make the modified payments.

Am I Eligible?

The house that you plan on using for HAMP must be your primary residence. You cant use a summer home or any other domicile that you dont live in year round. In addition, you can only owe up to $729,750 on your home.

In terms of criminal history, participating homeowners cant have the following on their records: larceny theft, fraud, money laundering or tax evasion. If you have a question about the legal criteria, contact either your lawyer or a federal housing counselor.

Are There Any Other Ways I Can Be Deemed Ineligible for the HAMP Program?

If your mortgage is serviced by Fannie or Freddie Mac, youre not eligible for the HAMP Program. If you fall under this category, contact your servicers directly to see what can be done to lower your payments.

If your mortgage is underwritten by the Federal Housing Authority, the Veterans Administration or the United States Department of Agriculture, President Obama has created programs to help you lower your payments. Google Obama refinance plan and the federal authority to which youre making payments to get more information.

by: Darius

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