Because of the historically high number of evictions that has thoroughly wrecked our financial system, several local and federal government programs were started to help provide relief to property owners. Most of these programs have since come and gone, but a few still exist. One many people thing of is what many call “The Obama Plan” or the “Home Affordable Mortgage Plan”. This was a government plan that was supposed to be able to aid foreclosure victims across the nation. It was indented for the servicers to help the property owners to modify their loan, even if they were upside down in equity. Typically when being asked to re-write a loan, a banker will usually decline applications when the loan has become up side down. This is a major point that the government was able to impact. It was an major component, because property values have decreased through out the nation.
So, even if you have tried and failed to obtain refinancing from a traditional lender in the past, you may not be rejected for a new loan modification. The Obama Plan would basically provide a guarantee to lenders that they would get paid. But lenders were never actually required to take part. Some half a million mortgages were submitted for consideration, but figures of approval are reported as low as 2000 cases. Only 0.4% approvals of the total 500,000 applications is pretty discouraging if those numbers are accurate. In order to qualify for The Obama Plan, your original loan must have originated on or before January 1st, 2009. Two recent pay stubs and the most recent tax return are required and you must sign an affidavit of financial hardship. In addition to the loan modification, accessible until December 2012 unless changes to the current program are made, there is a refinance program that ends in June 2010. There are other choices for you that can help you avoid foreclosure as well.
For More Information Visit: http://www.miamifloridarealestatelawyer.com
