The Obama administration on Wednesday outlined key details of a $75 billion housing rescue plan expected to help as many as 9 million homeowners rework mortgages into more affordable monthly payments.
» Who is eligible: People who are behind in their payments or are at risk of default. Loans must have been made on or before Jan. 1, and modifications will be allowed only once. Borrowers must document income and have an affidavit of financial hardship.
» How many will be helped: Up to 4 million homeowners.
» How to do it: Call your mortgage servicer or lender (the company that sends your monthly bill) and ask about the Home Affordable Refinance application process. Be patient: Mortgage companies are likely to be flooded with calls.
» Who is eligible: Homeowners whose loans are held by Fannie Mae or Freddie Mac and have less than 20 percent equity in their homes. Homeowners must have a solid payment history on mortgages.
» How many will be helped: Up to 5 million homeowners.
» How to do it: Contact your loan servicer to find out whether the mortgage is held by Fannie or Freddie.
» On the Web: Go to www.financialstability.gov to see whether you qualify for help. The Treasury Department has information at www.treas.gov.
Star and news service reports
Certified Distressed Property Expert (CDPE) on Call 24/7
561-685-8484
"We are here to help"
Free Home Valuation | Kay Ann Janisch | Sharon Lee | Gabriela Gosline | Stephen Lee | Cheryl Carpenter Klimeck | Our Homes | Search REALTOR.com® | Home | Applying for a Loan | Your Dream Home | 9 Steps to Ownership | How to Sell Your Home | Staging Your Home | REOs, Asset & Property Management | Buying Foreclosures/REO's | My Blog | Short Sale Buyer | Short Sale Seller
Copyright © 2012 Lee Property Sales, Inc.Portions Copyright © 2012 a la mode, inc.Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site MapAll rate, payment, and area information are estimates and approximations only.
