Obama Mortgage Relief Plan 2013 HARP works like a hope to millions of homeowners in America. Around nine millions homeowners are supposed to get benefits from this type of program. This program was introduced in the year 2009 and it is mainly planned to assist the people in avoiding foreclosures and in keeping their homes. This task will be accomplished by the modified loans and refinancing that will lower the monthly payments.
The main details of the Obama mortgage relief plan include:
The Obama Mortgage Relief Plan 2013 HARP is aimed to help the homeowners to restructure the debt. Besides, this plan also aims to help more than 4 million families to maintain their bills present and this plan effectively assists the homeowners in their home plans so that those can prevent anything worse from taking place.
At the same time, the Obama Mortgage Relief Plan 2013 HARP provides an incentive to the banks which assist the homeowners to stay in their homes. It works like a humble request from the Government, intervening on behalf of the homeowners with stimulus money.
This plan also allows the homeowners to pay the mortgage payments which are equal to 38% of their present income. It works best for numerous Americans who struggle hard to make their ends meet. The result of this plan is that these American families do not need to make choices whether they will put roofs over the head or foot on their table.
Both public and private lenders are on board with this program and they provide free information which will avoid any foreclosure if it is possible with the help of the Obama Mortgage Relief Plan 2013 HARP plan to keep them in their homes.
But not every homeowner is eligible for receiving this relief plan. There are some necessary criteria which need to be followed. One of them is that the homeowner should be present in their mortgage. If not it would prevent them from getting the mortgage relief help which they desperately need. Another criterion which must be met to obtain this mortgage relief plan is the loan-to-value ratio. If the ratio is more than 80% of the mortgage, that homeowner will not be qualified.
So, if you want to refinance your home, then you must qualify the Obama Mortgage Relief Plan 2013 HARP. It is also required for those people who are having the FHA loans. Though, the commercial loan holders might get surprised to find out this requirement. But the Obama home mortgage relief plan is not intended to assist those people who are having secondary homes.