Many homeowners unfortunately seem to believe that the government's new foreclosure relief programs are designed to help them keep their homes and obtain more manageable monthly payments. The reality is, however, that the requirements borrowers must meet to qualify for assistance from the federal government make the programs a cure worse than the initial problem. And while these programs have received much positive press, the terms offered on the loans provided by the government under the FHA Hope for Homeowners Act are almost predatory in nature, and it is doubtful most borrowers will take the time to realize just what they are getting into. In fact, it is more difficult for borrowers to qualify for an FHA Hope for Homeowners loan that it is for Wall Street firms to receive billions of dollars in direct investment from the bailout program.
To qualify for Obama mortgage relief act, homeowners can not owe more than the current market value of their homes. However, there is a catch to all of this generosity; borrowers must agree to share potential profits from future sales of their homes with the FHA. FHA is not the actual lender but rather insures the loans and guarantees the full amount. This is beneficial to both borrowers and lenders alike. Borrowers get lower interest rates and lenders assume less risk.
Since President Obama has been in office he has made efforts to help homeowners. Those loans that are backed by Freddie Mac or Sallie Mae are protected through various finance mortgage revision plans. If you have an FHA mortgage then you can check out the modification loan, HOPE for Homeowners, which is a unique FHA arrangement that refinances mortgages by equity division.
Be prepared by having your personal financial documents ready and ask lot's of questions! This program does have some serious stipulations such as: Future shared equity with the government and expensive mortgage insurance. Want to find out ALL the foreclosure prevention programs available to you?
Over recent months many Government and private programs have been developed to lower mortgage payments yet most homeowners don't know how to find them. This site has done all the research saving a homeowner weeks of confusion and phone calls.
To qualify for Obama mortgage relief act, homeowners can not owe more than the current market value of their homes. However, there is a catch to all of this generosity; borrowers must agree to share potential profits from future sales of their homes with the FHA. FHA is not the actual lender but rather insures the loans and guarantees the full amount. This is beneficial to both borrowers and lenders alike. Borrowers get lower interest rates and lenders assume less risk.
Since President Obama has been in office he has made efforts to help homeowners. Those loans that are backed by Freddie Mac or Sallie Mae are protected through various finance mortgage revision plans. If you have an FHA mortgage then you can check out the modification loan, HOPE for Homeowners, which is a unique FHA arrangement that refinances mortgages by equity division.
Be prepared by having your personal financial documents ready and ask lot's of questions! This program does have some serious stipulations such as: Future shared equity with the government and expensive mortgage insurance. Want to find out ALL the foreclosure prevention programs available to you?
Over recent months many Government and private programs have been developed to lower mortgage payments yet most homeowners don't know how to find them. This site has done all the research saving a homeowner weeks of confusion and phone calls.