Home Stimulus Package

Avoid Foreclosure with President Obama’s Home Stimulus Package

President Obama’s $275 billion dollar stimulus package seeks to help financially troubled homeowners to avoid foreclosure or bankruptcy.

Here are some facts about the home stimulus program that could save your home:

•There are various credits, loans, grants, and other options available to you in this program, but you must find one for yourself.  You can do this through careful and thorough research.  Peruse the internet, with the governmental websites being a great place to start.

•You are able to obtain a personal loan to not only avoid foreclosure, but satisfy your debts.

•In the past, the norm was 20% equity in a home for a borrower in a mortgage.  Not so any more, you can apply for loan modification or refinance if you owe more than 105% of the home’s current market value.

•Mortgages owned by Fannie Mae or Freddie Mac are eligible for refinance or loan modification.

•Banks and lenders receive a $1000 dollar incentive for each loan modification they complete, so they are motivated to help you if at all possible.

•There has been an interest rate reduction from 6.5% to 5.16%.

•The main thrust of the 2009  Home Stimulus Package is affordability, with house payments to be targeted below 31% of your monthly gross income.

•In addition, the plan seeks to adjust your total indebtedness to less than 55% of your total gross income.

•Professional guidance is available from the Department of Housing and Urban Development, HUD.  Their help is free, and they can also represent you in your dealings with your lender.  Another service they can provide you is total financial management assistance.

•The Banks are quite motivated to provide assistance under the Obama Home Stimulus Package, and will try to work with you.  Foreclosure is an unpleasant and expensive occurrence for them, too, and they would like to help you avoid foreclosure if it is at all possible.

If you are wondering how you will cope with your growing financial hardship in attempting to stay current on your mortgage, the $275 Billion Dollar Stimulus Package may be your answer.  And, if you have already fallen behind, do not delay.  Start your path to financial solvency today.