Homeowner Affordability and Stability Plan
The federal government reports that there millions of responsible families who are currently making their monthly mortgage payments, but now cannot re-finance because their value in their home has fallen. So while interest rates have dropped to historical lows, these responsible home owners can't take advantage of the new low rate and are disadvantaged.
The federal government reports that millions of workers have lost their jobs or had their hours at work cut, and are now struggling to stay current on their mortgage payment. There is nearly 6 to 9 million households facing foreclosure.
Neighborhoods are struggling because each foreclosed home reduces nearby property values as much as 9 to 20%.
We have all heard about the new Stimulus Package. So what does that mean for Home Owners??
The key components to the Homeowner Affordability and Stability Plan are:
1. Refinancing for up to 4 to 5 million responsible homeowners to make their mortgages more affordable. This will allow folks who's loan to value ratio is less than normally required eligible to refinance at a lower rate, thus making their mortgage more affordable.
2. A $75 Billion Home Owner Stability Initiative to Reach Up ot 3 to 4 Million at Risk Homeowners. There are now incentives to mortgage companies to refinance and actually additional incentives to identify at risk families and get them refinanced before going into default.
3. Supporting Low Mortgage Rates by strengthen confidence in Fannie Mae and Freddie Mac. This will strengthen the mortgage market and keep rates low.
The federal government reports that millions of workers have lost their jobs or had their hours at work cut, and are now struggling to stay current on their mortgage payment. There is nearly 6 to 9 million households facing foreclosure.
Neighborhoods are struggling because each foreclosed home reduces nearby property values as much as 9 to 20%.
We have all heard about the new Stimulus Package. So what does that mean for Home Owners??
The key components to the Homeowner Affordability and Stability Plan are:
1. Refinancing for up to 4 to 5 million responsible homeowners to make their mortgages more affordable. This will allow folks who's loan to value ratio is less than normally required eligible to refinance at a lower rate, thus making their mortgage more affordable.
2. A $75 Billion Home Owner Stability Initiative to Reach Up ot 3 to 4 Million at Risk Homeowners. There are now incentives to mortgage companies to refinance and actually additional incentives to identify at risk families and get them refinanced before going into default.
3. Supporting Low Mortgage Rates by strengthen confidence in Fannie Mae and Freddie Mac. This will strengthen the mortgage market and keep rates low.
Posted by Chris Pendleton at 3/6/2009 3:19 PM 
Categories: Foreclosure, Short Sales
Tags: Foreclosure stimulus package short sales
Categories: Foreclosure, Short Sales
Tags: Foreclosure stimulus package short sales
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