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President Barack Obama – His Mortgage Refinance and Modification Stimulus Plan Newly elected President Barack Obama is very conscious of the latest financial and job situation in the country leaves and that it leaves many homeowners nervous about the future.
President Obama announced a harp (home affordable refinancing program) stimulus, stuff designed to help financially struggling homeowners get affordable loans and lower their monthly payments. To refinance a mortgage or first approval for the change with low interest rates is easier to do than ever before, illness for almost every homeowner.
Obama’s Plan. Following are highlights of President Obama’s plan to reduce mortgage foreclosures. Allow an estimated 4 million to 5 million currently ineligible homeowners who get their mortgages through Fannie Mae or Freddie Mac to refinance at lower rates.
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Barack Obama’s economic plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most. Obama’s proposal will immediately provide stimulus using means that do not require lengthy governmental or administrative delays.
Part of the Obama Stimulus Plan included a streamlined refinance program called the Making Home Affordable Plan that could potentially save participants hundreds of dollars per month on their house payments. This "streamline" process contains a number of hurdles one will have to navigate through.
Still, don’t give up hope. Just small incremental changes to the Obama refinance program could mean big savings to homeowners who have been locked out of refinancing since the housing crisis began. You can get involved. See our article on How to Make HARP 3 Happen. Possible Changes if the Obama Refinance Plan is Implemented
President Barack Obama is well aware that the current economic situation in the country leaves a lot of homeowners struggling. Housing prices have crashed and the all time high number of foreclosures does not help that at all, lowering surrounding homes values by as much as 9%.
In the State of the Union, Obama said he’s sending to Congress a plan that would give. known as the Home Affordable Refinance Program – to loans that are not owned by Fannie or Freddie. Read about.
COLUMBUS, Ohio–(BUSINESS WIRE)–Now that President Barack Obama’s $787 Billion Economic stimulus bill. interest rates and not enough equity to qualify for refinance, and those who are at risk of.