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Pres. Obama says we should refinance now. But, what does he suggest if we are upside down as most are?

Most people right now are upside down on their mortgage and I think it shows Pres. Obama lack of sympathy for the average Joe to suggest such a bland and non effective solution. Reminds me of when he said we should inflate our tires to save on gas.

I totally agree with you. It is a total lack of sympathy for millions in this country. Instead, he goes on TV and ‘hypes’ his refi deal. What a sock in the stomach. Good luck.

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~~Copy and paste this into your browser, it is the easiest one to navigate in my opinion:

en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009

Here is another website you can apply to for help, and it is free. It was recommended to me by someone who is using them and is very happy. It takes awhile to be contacted back because of the overwhelming need of help, so be patient:

www.stopforeclosure@chworks.org

They can restructure as well as reduce you mortgage, and it is with funds from the stimulus package. It is a non-profit organization Best of luck, we all sure need it!!~~

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Should I quit my job and stop paying my mortgage Hussein Obama, now that is giving money?

Hell, I I even use a cap Obama. Why should I work and pay taxes and pay my bills, if he will use my tax dollars to pay the mortgages of people who do not will work.

I think many people are asking the same question! People borrowed money they knew they could not pay so now we all expect to pay our own bills, the more they are not paying.

Obama's Mortgage Plan Worthless Waste

Hangtown Foreclosure $19.95 HANGTOWN FORECLOSURE THE TRUE FACTS ARE YOU WILL NEVER GET A LOAN MODIFICATION AND THE BANKS WILL TAKE YOUR HOME BECAUSE THE SYSTEM AND LAWS ARE ON THEIR SIDE...NO ONE REALLY CARES! GET OUT!This reality homemade film exposes the TRUE STORYS and interviews of families who have been trying to get a loan modification only to find out that they are being set...

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As opposed to barbecuing in Crawford? Bush couldn’t win a debate against a radish and his answer to the mortgage crisis is more tax cuts and deregulation. What might really help the U.S. economy (if you’re really interested) are massive tax hikes on the rich, but since all the candidates are rich themselves, we’re very unlikely to see them. If I were Obama I wouldn’t want to “debate” any more either, the panel on the veiw would have asked more legitimate policy questions than were asked in the last “debate” (aka gossip session). Oops. Almost forgot to answer your “questions”. No and no.

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Due to the current economic strain, millions of homeowners and President Barack Obama find themselves thinking of the same problems regarding home foreclosures. It is estimated that 9% of surrounding home equity is being lowered due to the increasing and vast amount of home foreclosures. Market value of homes has dropped and many homeowners are finding themselves overturned in their mortgages, owing more than their homes are currently worth. Recently the President has came up with a plan to help people in these circumstances. The plan is called Making Home Affordable. It is a mortgage refinance plan.

–This solution was put into effect last month and eligibility is available to millions of current homeowners. The Obama Stimulus Plan is meant to make homeowners able to manage their monthly mortgage plans and avoid foreclosures by saving you hundreds of dollars a month. A refinance of a home loan usually required 20% of the equity in your home to be qualified, this is no longer the case.

–The President commented that the goal of this Making Home Affordable plan will increase confidence in the housing market, help down on their luck homeowners, and lower the amount of foreclosures. Congress approved a seventy-five billion dollar homeowner bailout package that will give more cash incentives to mortgage lenders so that they are willing to approve higher risk homeowners for a loan modification or refinance. It is believed that the more incentives offered to the lenders, that the more flexible the lenders will be with you and that more home modifications will be approved.

–A refinancing or modification of your current home loan using the stimulus plan could give you a reduction of 15% – 20% in monthly payments that would really add up over time. The formula for a home mortgage is usually 31% of your gross monthly income but it is estimated that millions of homeowners are paying 40% – 50% or more of their incomes to their mortgages!

The stimulus refinancing plan that Obama has put into effect will follow an exact set of guidelines that mortgage lenders and banking institutions will have to use. The advantages of this plan are many! Your savings would be monthly for the term of your loan which would quickly add up and make a possible foreclosure a thing of the past for you! Looking into a home mortgage modification or refinance could ease your mind incredibly thanks to Obama!

For more information on how to qualify and learn how to apply for Obama’s Loan Modification Program you can visit:

http://www.foreclosuresmedic.com

Which provides you with valuable resources including:
– Top 10 most frequently asked questions about the program
– Up to date guidelines on if you qualify
– Insider tips
– Free sample hardship letter

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Sustainable loan modifications: the Obama administration's new loan-modification plan imposes hefty new information-tracking demands on servicers. To make ... An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on June 1, 2009. The length of the article is 3044 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Sustainable loan mod...

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Where is the backbone in all of this?!
If this is how he is going to handle domestic problems….i can hardly wait to see how he’s going to handle problems that arise in the foreign policy category!
All i know is if you don’t use God as the Cornerstone of your foundation…then what solid ground do you have to build on?
Let’s see…supports abortion…supports same sex marriage…i wonder if the sand he’s building on can handle the rain waters when the floods come?!

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President Obama’s home loan modification and refinancing package, known as the “Making Home Affordable” plan, is expected to help nearly 9 million homeowners. The help comes from new, Government backed, 4% fixed rate home mortgage refinancing and modification options. The savings easily add up to hundreds of dollars every month.

Even homeowners who believe that they are not qualified to get a good, low, fixed rate interest rate due to having a bad credit score will be surprised at the amazing offers now available.

Homeowners who happen to have a mortgage financed or insured by either Freddie Mac or Fannie Mae are automatically eligible to take advantage and lock in the Government backed fixed 4% home loan interest rate. Also keep in mind that this plan will only be available to homeowners who live in the home as a primary residence.

This “Making Home Affordable” plan basically breaks down to 2 options for homeowners. The first being a home mortgage refinance, and the second being a home loan modification. If a homeowner owes 105% or less than the value of their home, owes less than $729,500 on their home loan, and who has not missed or been over 30 days late on a mortgage payment for 1 consecutive year, they can take advantage of this plan. Even homeowners who would not typically qualify for traditional refinance will be eligible for approval for this plan.

Homeowners who are having tough financial times, and many are especially now, the second part of this plan may help you. The second main part of this “Making Home Affordable” plan is home loan modification, at the same 4% Government backed fixed rate, for homeowners who have fallen behind on their mortgage payments. This plan also helps homeowners who have a monthly mortgage payment that exceeds 31% of their gross monthly income.

Once the modification or refinance process is completed, the homeowner has three months to prove they are capable of paying the new mortgage payments. Upon three months of on time payments the rates will then be locked in for the next 60 months. This “Making Home Affordable” plan will truly help millions of homeowners save hundreds of dollars every month.

Home refinancing can save you thousands or if it is done the wrong way cost you thousands. Greedy mortgage lenders will try to suck you dry if you let them. Learn the right way to refinance your home loan at my site: http://www.refinancingcondo.com

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Sorry to hear your troubles.

Call your lender to inquire about what they can do. Or at this point, you might want to speak to a HUD Housing Counselor. Find one by calling 1-888-995-HOPE (4673)

The program is called Making Home Affordable.

Go to this government site for details about Obama’s program:

Copy and paste this link:
http://www.makinghomeaffordable.gov/

Good luck.

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