OBAMA PLAN AVOIDS FORECLOSURES IN WASHINGTON
With a loan modification under the Obama Plan regulations, Washington homeowners have a greater chance to avoid foreclosure than was ever possible. As most have seen in the news, a great number of changes have occurred in recent months which have impacted American homeowners. The "Homeowner Affordability and Stability Plan" is part of President Obama's strategy to help the American economy and housing markets get back on track.
The Obama plan will save up to 9 million families from foreclosure with a loan modification or by refinancing their mortgages in order to avoid foreclosure, indirectly helping all Washington homeowners. Responsible homeowners on the verge of defaulting are now able to find help in the escalating housing crisis. As defaults and foreclosures contribute to falling home values, falling local businesses, and lost jobs, this plan may help prevent neighborhoods and communities from falling over the edge. [White House, 2/18/2009; U.S. Treasury, 2/18/2009]
Obama stated back in January, 2009:
"My commitment is that we are going to fundamentally change some of the practices in using this next phase of the program. We're going to focus on housing foreclosures, we're going to focus on small businesses, we're going to focus on what's required to make sure that credit is flowing to consumers and businesses." [Reuters, 1/12/09]
In March President Barack Obama passed new legislation to help American homeowners, including a now-expanded $75 Billion program to help borrowers avoid foreclosure, preventing up to 9 million U.S. homeowners from losing their homes, as well as stabilize the falling housing market at the root of the current widening recession. Several large lenders, including Bank of America and Wells Fargo, praised the program which may provide homeowners with interest rates temporarily cut to as low as 2 percent. Initially, the Obama administration focused upon owner-occupied properties like Fannie Mae and Freddie Mac, however, loans for second homes and investment properties may also be refinanced. [WA Post, 5/5/2009]
Some of this Federal government bail out money is for you!!
Obama's housing plan helping borrowers avoid foreclosure was aimed to help struggling homeowners like you. Now, under the HAMP program, a homeowner's mortgage payment cannot exceed 31% of their gross income. Since most borrowers' home loans exceed 31%, the majority of homeowners are eligible for assistance. ALL Washington homeowners should immedialy begin exploring their options and confirming whether or not they qualify for the Obama Plan savings.