One in nine homeowners, according to Administration officials will be helped by the new Federal Homeowner Assistance Plan.
Blaine, WA, April 21, 2009 — One in nine homeowners, according to Administration officials will be helped by the new Federal Homeowner Assistance Plan. Struggling homeowners ranging from low-income to first time homeowners to well off borrowers who owe more than what their home is worth will receive assistance from the government’s new Federal Homeowner Assistance Plan.
“If you are a homeowner and your home value has plummeted in the recent downturn and you can’t refinance at lower rates you may qualify for the Home Affordable Refinance program, or if you have fallen on hard times due to illness or loss of employment and are in danger of slipping into foreclosure, you may qualify for the Home Affordable Modification program,” said Justin Lee, CEO of SaveMeFromForeclosure.com, LLC
To qualify for either program a homeowner must live in the home, loan must not be in default already and his or her loan must be secured by either Fannie Mae or Freddie Mac. The homeowner will need to contact the company that services his or her loan, Freddie Mac or Fannie Mae.
If a homeowner qualifies for either plan, he will need to call his lender and tell them that he wants to take advantage of the Federal homeowner assistance plan that is applicable.
For example: if someone purchased a $400,000 home and put down the traditional 20% downpayment and took out a $320,000 mortgage, with the Federal homeowner assistance plan, he could refinance if the home is currently valued at under $400,000. In this case, the loan would be worth more than 80% of the value of the home.
The market value of the home must be between 80% – 105% of the mortgage for a homeowner to qualify for assistance from the new Federal Homeowner Assistance Plan. If the home value has fallen so low that the mortgage is worth 105% or more, then the homeowner will not qualify.
“Even if a homeowner falls within the guidelines of the Federal Homeowner Assistance Plan, he will still need to prove to his lender that he can afford the new mortgage. Foreclosure prevention experts like SaveMeFromForeclosure.com can help homeowners determine if they qualify for the assistance and help them obtain this assistance,” said Dreama Lee, President of SaveMeFromForeclosure.com, LLC.
Though a homeowner may feel that he qualifies for the Federal Homeowner Assistance Plan, those with no income probably won’t qualify. If you’ve lost your job and have no income, the Administration has been pretty straight forward – the program won’t stop foreclosure for everyone.
If a homeowner is a Federal employee with security clearance he or she does not qualify for this assistance. Filing for bankruptcy, to take advantage of some of the plan’s assistance, may cause Federal employees with a security clearance to lose their job.
Whether someone qualifies or not, turning to established professionals, such as www.SaveMeFromForeclosure.com can help homeowners stop foreclosure on their home, or see if they even qualify for a loan modification.
About SaveMeFromForeclosure.com
SaveMeFromForeclosure.com specializes in helping clients who have fallen behind on their mortgage payments or are facing foreclosure. The company has local representatives across North America who can offer comprehensive solutions to foreclosure problems. www.SaveMeFromForeclosure.com was originally launched in 2004. As a family owned and operated company providing foreclosure prevention and consultation service, the company has grown into an international firm with local representatives throughout the United States and Canada helping homeowners stop foreclosure.
Press Release Distribution By PressReleasePoint
Contact:
Penny Fletcher
SaveMeFromForeclosure.com, LLC
1685 H. ST., #679
Blaine, WA 98230
604-714-0490
[email protected]
http://www.SaveMeFromForeclosure.com
