Do You Qualify for the New Mortgage Refinance or Loan Modification Program? Find Out!

Making Home Affordable is a new government program designed to help keep people in their homes by lowering monthly mortgage payments for qualifying homeowners. The plan is projected to help somewhere between 7 and 9 million homeowners all across the United States by either refinancing or modifying their mortgage. Do you qualify for the Making Home Affordable program?

There are a few simple questions that will help determine if you are eligible to participate in the Making Home Affordable program. There are two different parts to the Making Home Affordable program, the mortgage refinance and the loan modification.

The Making Home Affordable refinance program targets homeowners who are current on their mortgages, but are currently unable to refinance to a lower rate due to a drop in the value of their home. This plan targets those homeowners who have loans held by Fannie Mae or Freddie Mac and whose owe approximately the same or less than the current home value. Here is a quick set of questions to see if you qualify for the Making Home Affordable refinance program:

1. Is your home your primary residence?

2. Do you have a Fannie Mae or Freddie Mac loan? If you are not sure, you can find out if you have a Freddie Mac or Fannie Mae loan.

3. Are you current on your mortgage payments? Current means that you have not been more than 30 days late on your mortgage payment over the past 12 months.

4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

If you answered yes to all four of these questions, then you may be eligible for the Making Home Affordable refinance program. You can find out more about the mortgage refinance program 
If you answered no to any of these questions, then you will want to find out if you qualify for the second part of the Making Home Affordable - the loan modification plan. This plan is for homeowners who can no longer afford their mortgage payments due to an increase in interest rates, a decrease in their income, or a financial hardship such as medical expenses. This plan works for those who are current on their mortgage, or those who are behind on their mortgages. Here are four basic questions that will help to determine if you may be eligible for the loan modification plan:

1. Is your home your primary residence?

2. Is the amount you owe on your first mortgage equal to or less than $729,750?

3. Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?

4. Did you get your current mortgage before January 1, 2009?

If you answered yes to all four of these questions, then you may be eligible for the Making Home Affordable loan modification program. Find out more about the Making Home Affordable loan modification program  you answered no to any of these questions, then you still have some options available for avoiding a foreclosure.

You can find out more by visiting the Making Home Mortgage Affordable website, the number one informational resource on the Making Home Affordable program.

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Get the Advantage of Mortgage Home Refinance Program

It has been observed that no matter whatever great plan government declare and put in the practice to work in favor of stressed ones, lack of information restricts the needy to take advantage out of it. Federal mortgage home refinance plan is there to gear up your mortgage refinance. Know the plan and use it for the best of your good turn.

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Can My Mortgage Be Refinanced Under Obama and FHA's Revised Home Loan Modification Program?

With foreclosure bugging many of us out there, the government had previously come up with the Loan Modification Plan through the President's office to assist those facing this dilemma of how to salvage their homes. This plan however faced heavy criticism from almost all quarters for the lengthy application process attached to it, as well as the low approval rates for those applying for them, in addition to other complications.
The President and his office were quick to realize this issue, and rectified it by revising the Loan Modification Program to help struggling homeowner cope with foreclosure issues. The homeowners' bid to refinance home mortgage would in the future be approved more easily, and the program has also included newer features within it to help struggling homeowners further. Now even the unemployed are offered subsidies, and those who have borrowed more than the worth of their homes can also apply for subsidies to help them cope with refinancing.
The revised program would increase the amount of payment to creditors that modify or refinance second mortgages. This incentive is deemed to directly help homeowners as previously banks were reluctant to write down second mortgages, and this dampened the government's efforts to help homeowners fight foreclosure. Thus if you fall into this category, your second mortgage can now be refinanced as more banks would come forward to accept your application! The applications would also fall into the FHA guarantee programs, giving the bankers more confidence to deal with those with bad credit scores. This means those with bad credit ratings can also apply for these loans successfully, and these packages serve as bad credit mortgage refinance deals!
And if you are currently unemployed and struggling to find lenders to help refinancing efforts, the Treasury has agreed to help unemployed homeowners bring down their mortgage payments for up to 6 months while they find another job. Existing incentives have also been added for borrowers with loans that are FHA-guaranteed, and there is also the new benefit of relocation incentive payments for those that are forced to move out of their homes. For the lenders, the Treasury will offer further incentive when loan modifications are accomplished. The Troubled Asset Relief Program will fund these new additions for the Loan Modification Program (reportedly USD 700 billion), while another USD 14 billion will be set aside for FHA's guarantee programs.
Homeowners should now find it a lot easier and appealing to refinance their homes with these incentives from the federal government as the public and the government combat foreclosure together.

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Debt Settlement Affiliate Program for Realtors and Mortgage Brokers

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Getting Cash In On Cash-Out Refinance Mortgage Program

What is meant by cash-out refinance mortgage?

It is a mortgage refinance transaction wherein the new loan amount is more than the existing mortgage amount, including the closing costs. Usually, the main purpose of a cash-out refinance is to extract equity from the house. It acts as an alternative to a home equity loan. It has become a popular method for borrowers to pay back credit card debts, or meet added expenses.

There are two ways to carry out cash-out mortgage refinancing. One is as HELOC - Home Equity Line Of Credit. That is, a line of credit is extended to a homeowner that uses the house as collateral. Once a maximum loan balance is reached, the homeowner may withdraw on the line of credit at his/ her discretion. Based on the current prime rates, a variable rate is calculated, and that is applied as the interest rate. Another method is to refinance the existing mortgage into two smaller loans.Bad credit mortgage refinance is also available.

Let us understand cash-out refinance mortgage with some examples.

Suppose, Mr. John Smith has a house worth $400,000. And the current loan balance on the house is $100,000. This implies that Mr. Smith owns seventy-five percent of his house. That is, as a homeowner, he has $300,000 worth of equity. If he can redeem that equity by a cash-out refinance.

An example to understand HELOC:

Suppose, Ms. Julie Anderson owns a home of value $600,000. She has a lien of $300,000. So, her equity comes out to be $300,000. Now, she avails a second mortgage of $100,000. This increases her existing liens to $400,000, and decreases her equity to $200,000. She can further use this in line of credit to get a loan. Here, the first and second mortgages are considered as separate loans, which are to be paid off under different terms and conditions.

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Principal Balance Reduction Program To Fix Mortgages 800 826-1929

Understanding Our Updated Principal Balance Mortgage Reduction Program To Reduce Principal Balance and Mortgage Payments For Homeowners Who Are Upside Down and Underwater. Our Program Provides a 30 Year Fixed Mortgage with low Interest Rates. Call Dave Brigle, Managing Member of Foreclosure Prevention Institute, LLC Now For More Details at 800 826-1929. Fast and Easy. Similar to a Refinance and Loan Modification, but Better! Is a National Program.



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FPI Principal Balance Mortgage Reduction Program Beats Government HAMP Program

Foreclosure Prevention Institute Principal Balance Mortgage Program helps homeowners save their homes. The Home Affordable Modification Program has failed 75% of homeowners who qualified and thought they were going to obtain a loan modification program. HAMP was only a useful palliative program to systematically save the banks. It treated the symptoms, but not the cause. If your home is upside down and you have experienced some kind of hardship call Dave Brigle today at 1.800.826.1929 or email him at brigle@appraisaloffice.biz so he can fight to save your home and gain back your financial stability. Good credit or bad credit does not matter.



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Mortgage Accelerator Program - The Disadvantages

A mortgage accelerator program is a system that has been used in Australia and England for over 15 years. It may help home owners pay their homes in less than half the time. However, before you decide on getting such a type of program, you need to learn about the disadvantages associated with it and whether it is the right choice for you.

First, mortgage accelerator programs cost anywhere between $300 and $3,500. The cost usually depends on what the program offers. They usually include the software that lets you know how to transfer the money and some customer support.

In this type of programs, home owners need to get a line of credit. However, the cost can usually be included in the home equity and paid as part of the mortgage with no out of cost expense to you.

With other programs, there is no initial cost associated with the program but people have to refinance their mortgages. This is good only if they can get a better rate on the new mortgage. Otherwise, the savings that you may realize with the mortgage accelerator program may be canceled by the extra interest.

Also, in order for the program to work at its best, the person must have some extra cash available. It doesn't necessarily mean that the owner has to pay any additional money. However, having that extra cash in the line of credit helps reduce the amount of money that interest is charged over.

As with any other financial tool, commitment in the system is fundamental. For it to work, the person must be sure that they will follow up with it. Otherwise, it is just wasted money. It helps that these systems usually come with software which indicates how quickly you are paying off your mortgage.

Of course, to take full advantage of this type of programs the home owner needs to stay in the home long enough. If you plan to move out of your home shortly, it may not be a good idea for you to get one. However, some programs allow you to use the system in up to three homes.

As with any financial tool, it's a good advice to learn as much as you can about how it works. That way, you can know about the advantages and disadvantages associated with it, and decide on your own whether a mortgage accelerator program is the right choice for you.

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The difference between the changes of loan and refinancing

There are many ways to change the terms of payment, to refinance a mortgage guides on changes to distinguish. When refinancing, you may or may not move at a fixed rate. It can also reduce your payments or not. . The main advantages of a change of loan is that your credit score does not come into play. A lawyer will be based negotiations with the bank on his behalf at your misery. As such, your credit card, the change is not affected. There are no closures...



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