The government under the leadership of President Obama has brought out a home refinance stimulus package and loan modification programs specifically to help all those with mortgage problems save their homes. The home refinance stimulus package and mortgage modification would be able to cover 9 million mortgages, and would require around $75 billion.
There are two major components featured in the stimulus package - refinance and loan modification.
In the home refinance stimulus package, Fannie Mae and Freddie Mac, two of the most highly acclaimed and powerful government mortgage lending agencies, are said to greeneasylife.com/refinancing refinance home loans as long as the mortgage has been guaranteed by either Fannie Mae or Freddie Mac, to begin with. There is a drawback to this, however, because this package is valid only for those properties that are being used for residential purposes. This means that if you have a property that is situated in a building and there's nobody living there, at all, you will not stand a chance of getting qualified to this package.
Under the other component of the package, the Loan Modification Stimulus Package, the US government will offer incentives to those lenders who will submit to a loan modification, thereby helping homeowners to keep foreclosure from happening. Under this certain package, the interest rate would be reduced to 2%, and the tenure of the loan would be increased in order to reduce the monthly mortgage payments. The lender also has the privilege of taking care of the monthly payments.
It's good to see that the US government is exerting all means to give assistance to those in need of financial aid. Besides, trying to keep your house is a noble cause, anyway. Whether you choose to refinance or apply for a loan modification, you will benefit from it, either way.
For the number one resource for home loan modifications visit home-loan-mods.info Home Loan Modifications.
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