Obama's Homeowner Affordability

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Obama's Homeowner Affordability

mortgage payment including PITI (principal, interest, taxes, and insurance) down to 31% of borrower's gross monthly income through a series of steps including interest rate reduction, lengthening the life of the loan, and forbearing principal.

Incentive payments are provided to both lenders and borrowers for participating in this program. Lenders are given incentive payments for identifying candidates for loan modification, and borrowers are given incentives for paying on their modified mortgages on time in the future.

Lenders are not forced to participate in the Homeowner Affordability plan, but since it is more profitable to do so than not they usually do. If they do decide that a loan modification is in their favor, they are asked to follow these sequential steps:

1) Reduce interest in increments of 0.125% in order to reduce monthly payments to 38% of gross monthly income.
2) If a floor of 2% has been hit, lengthen the loan life up to 40 years.
3) Once the monthly payment is down to 38% of the gross monthly income, the U.S. Treasury will match further reductions to bring the payment down to 31%.

Getting a loan modification with the Obama MHA plan is easier than most people think. This federal program is there to help homeowners in danger of losing their homes to foreclosure, whether or not they've already defaulted on their loans.

For additional information on home mortgage loan modifications, please visit the #1 loan modification resource on the net: http://home-loan-modifications.info" " "

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Obama's Homeowner Affordability