subject: As the financial crisis affects nap thinking about Refinance a House [print this page] As the financial crisis affects nap thinking about Refinance a House
Recent years have brought a financial crisis the global economy. One of the most affected economies is the United States. As a result of this financial crisis, many workers have been dismissed, others are fearing for the continuation of businesses in which they work, with the corresponding labor unrest.
Many Americans turned their interest in saving their money instead of spending to be prepared and survive the economic crisis. This situation has been compounded by falling down the market value of their homes under mortgage.
As a result, many homeowners are threatened with losing their homes due to lack of payment of their monthly mortgage payments. It is expected that more than six million homeowners may experience this problem and unfortunately 40% in the end will lose.
The U.S. government knows exactly the devastating effect the entire economy if the crisis of the owner in paying your home mortgage is not treated. This is why the United States Barack Obama's chief executive signed the Obama plan intends to create Home Affordable "Plan to help American homeowners who do everything they can to keep up with their mortgage payments but can not due to financial difficulties.
To qualify as a beneficiary to qualify for this program if you want to use its great benefits that can really save you and your home from foreclosure.
For those who do not qualify for the Plan Affordable Housing Refinance or harp, do not have to worry yet because there is still no alternative program that can be used to save you and your home from possible foreclosure.
The option is to avail itself of Affordable Home Modification Plan or HAMP. This plan is designed to assist homeowners to make a loan modification, mortgagee with the enterprise. This plan of aid to distressed homeowners of America, simply by modifying the mortgage interest by the parties previously agreed mortgage.
The Affordable Home Plan Modification or HAMP is just one of several methods or loan modification a homeowner in financial trouble can be used to eliminate or at least lessen its burden of excluding the family home. Some of these include the parties personally implementation and modification agreement mortgage loans Do it yourself and loan modification seeking the help of a mediator to reach a large terms of loan modification. Of these approaches the Affordable Home Modification Plan or HAMP is perhaps the most reliable and trusted by many American homeowners. To qualify for this plan, you must meet the following requirements:
* As the owner mortgagor, must be the first time you apply to your main home to a mortgage agreement.
* Your home mortgage must be applied before the deadline of January 1, 2009.
* One of the requirements for using this plan, loan modification is that as a homeowner-borrower must have an outstanding balance of $ 729,750.00 or less than this amount.
* And perhaps most important requirements is that the owner should not be able to pay their monthly mortgage payments due to financial difficulties are not attributable to him.
