Homeowners baffled with various kinds of mortgage situations can hope for a good outcome with President Obama mortgage relief plan or Making Home Affordable(MHA) Program, as it is officially known. The MHA program has been a significant effort of the Obama Administration to provide mortgage relief for people across the country and to set in motion the housing market recovery.
Can homeowners troubled with underwater mortgages and unemployment situations hope for help from the administration through the Obama mortgage relief plan 2013? Homeowners may be helped through these situations if they manage to find lenders ready to refinance their mortgages. The administration will subsidize some of this refinancing and give some non-financial incentives to lenders for taking a chance on such borrowers. For unemployed struggling borrowers a payment equal to 31 percent of pre-tax income would be sufficient. This means that if a borrower is depending on unemployment cheque, the mortgage payment can temporarily be 31 percent of this amount.
Across the country, mortgage relief or the freedom acquired from mortgage debt has been brought about through the process of MHA programs; generally through assumption of a mortgage by another party or through debt repayment. It is anticipated that the housing market itself would recover through the Obama Mortgage Relief Plan 2013. The US government has just declared an extension for this program till December 2015. Earlier it’s availability was limited to December 2013.
There are different variants under MHA and each is designed to suit a particular set of mortgage problem. HARP 2.0(Home Affordable Refinance Program 2.0) is one such program, that comes under MHA, which serves the purpose of providing refinance solutions to homeowners who are stuck with expensive or underwater mortgages. It helps homeowners to secure a new, more affordable and more safe mortgage. HAMP(Home Affordable Refinance Program) is another variant of MHA that lowers your monthly mortgage payments in order to make them more affordable and sustainable for the long-term. Only an employed homeowner, finding mortgage payments unbearable, can take advantage of this program. There are still more programs under MHA.
To take advantage of these measures, introduced by the Obama government, borrowers should know more about the eligibility guidelines and application requirements that apply to their individual case. Expert guidance can also be located on the net. Although, MHA is proclaimed as the panacea for the dismal underwater mortgage scenario, it is not so easy to qualify for the same without proper preparation. To benefit from a team of competent loan refinance experts, who are very familiar with the legal rules and regulations that apply to Obama mortgage relief plan