Great news for homeowners... We have all been waiting for the new stimulus plan... and here is a summary provided by the California Association of Realtors. Many of us are either in trouble or have friends/family who are or are about to be in trouble. We all need good stable housing and this proposal gives me hope... To see families loose their home is one of the hardest parts of my job as a realtor in Long Beach. To see peoples hopes and dreams taken away devastates me personally.
There are many people in my profession as a realtor that make their living off of peoples losses and I am not one of them. I have worked with families over the past year on ways to save their property and the last resort is to do a short sale. This package will be a welcome relief for those families on the edge.
We should expect to see some new programs soon. Please be sure your friends and family works directly with their mortgage company. There will be a lot of people out there offering help and will be preying on peoples hopes.
The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners making a good-faith effort to stay current on their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.The U.S. Treasury Dept. today unveiled the Obama Administration's Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners making a good-faith effort to stay current on their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. The plan will not provide money to speculators, and instead will target support to working homeowners who have made every possible effort to stay current on their mortgage payments.The plan includes refinancing options for homeowners suffering from falling home prices; a $75 billion homeowner stability initiative including loan modifications and support for displaced renters; support for low interest rates by strengthening confidence in Fannie Mae and Freddie Mac by increasing its funding commitment to Fannie Mae and Freddie and continuing to purchase Fannie Mae and Freddie Mac mortgage-backed securities.There are three components of the plan. The first focuses on homeowners who are current on their mortgage and would be helped by refinancing into a lower interest rate loan; these homeowners must currently be in conforming loans. The second component is designed for homeowners who are currently or are at risk of falling behind on their mortgage obligations and would benefit from a loan modification; the Treasury plan would help offset the cost of the loan modification program. The third component is intended to lower prevailing mortgage interest rates by shoring up confidence in Fannie Mae and Freddie Mac.
For more on this story read... Homeowner Affordability and Stability Plan
Have a great day,
Jeff
Long Beach Home Solutions Inc,
jeff@jeffhallrealtor.com
www.jeffhallrealtor.com
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