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v class="googleright">With a goal of helping over 9 million homeowners, and foreclosure notices on the rise, only 55,000 families received loan modification offers during the first quarter of 2009. The Obama Administration took action to increase the amount of aid available? through the Making Home Affordable Plan [link widoczny dla zalogowanych], giving it a boost through the new "Helping Families Save Their Homes" Act. This new expansion of the program is designed to strengthen the nations housing and financial markets. Here's what it means to you ...
First:? A more affordable mortgage:
Up to 9 million loans may end up being modified or refinanced.? If this happens, more and more borrowers will be able to lower their monthly payments. and save up to thousands of dollars in interest.? This should? reduce the number of foreclosures.? If that happens, it means property values should increase -- estimates say by as much as $6,000 per home.
On the downside expect longer waiting times during each step of the process.? It's expected that we're going to see a huge increase in the number of borrowers and lenders taking advantage of these government programs.? In fact, they're expecting July and August to be rather hectic this year.? This means a slowdown in what's already considered a slow process.
Second:? More Co-operation From Lenders
To date more than 75% of the countries lenders and loan servicers have signed up for the Make Home Affordable program.? For lenders to qualify for payment incentives under the "Helping Families Save Their Homes Act"? (HFSTH), it? requires that all borrowers who apply for help under the MHA program must be evaluated for eligibility.?
This should help ease some of the frustration expressed on far too many posts in home loan forums.? Many people have been turned away and felt disrespected by their lenders when approaching them about a loan modification or refinance.? This should change.
Third:? More help For Borrowers Who Are "Underwater"
While the MHA program already helps "underwater borrowers" [link widoczny dla zalogowanych], whose property values have dropped, causing them to owe more for their home than current market value) -- the new legislation requires an ease in the restrictions on borrowers eligibility -- which will enable refinancing of underwater mortgages for a greater number of borrowers.?
This will instantly increase equity in the home, and, therefore the ability to sell it (or modify their loan), for those who are "underwater" and facing the possibilty of foreclosure.
Fourth:? An Ease In Credit Restrictions
Here is how they plan to do it:
-Extend the temporary increase in deposit insurance
-Increase the borrowing authority of the FDIC
-Increase NCUA borrowing authority while at the same time creating a stabilization fund
The idea here is to support lenders by stabilizing the financial system.? This, in turn, is intended to increase the flow of credit in the economy.? For everyone's sake -- let's hope it works.
In Summary
President Obama has already signed this new legislation (on May 20th [link widoczny dla zalogowanych], 2009).? If you're in need of help and you've recently been turned away, this is an ideal time to approach your lender again and ask the