Help for Homeowners: Obama's Solution Continued

Obama Helps Those Who Help Themselves

Amy Barnes
Amy Barnes, Yahoo! Contributor Network
Mar 25, 2009 "Share your voice on Yahoo! websites. Start Here."
The recession economy has taken its toll on homeowners; many former owners have fallen into foreclosure and are now renters. But for those not yet behind on mortgage payments or in foreclosure, it's a different story. Many homeowners who are current on their mortgage payments have been calling into their mortgage companies, trying to snag that better rate or to get cash out of a refinance on their loans, only to find out that these options are available only to those behind on their payments or to people with very high credit scores.

Those days are over, and a new administration has stepped in to help; the Treasury department has announced on its website that President Obama has introduced his new Making Home Affordable program as a way to help approximately 7 to 9 million responsible homeowners solve their payment problems before they negatively impact the housing market.

Consumers with questions about their loans can do three things:

1. Go to the Treasury website to get future news updates: http://treasury.gov/

2. Check out the special Customer website dedicated to the program: http://www.makinghomeaffordable.gov/

3. Call your mortgage company and investigate your refinance options.

There are other options available for those who do not want to participate in Obama's plan. Calls to several local mortgage companies revealed that there are FHA loans out there for those who have less-than-stellar credit. Also available are private "bail-out" plans that mortgage companies are undertaking in order to recoup any losses due to financial difficulties. And a last option is a second loan through private lenders.

If you are a homeowner and you want mortgage relief, consider the above-listed steps, and get started today - some of these programs may not last long in this new economic landscape. Credit will be severely restricted in the near future; recent calls to several local finance companies revealed that credit scores required for some of the homeowner relief option are expected to rise over the next fiscal quarter, so act today!

Sources:
US Treasury, http://treasury.gov/
CountryWide customer staff interview, March 31, 2009.
Making Home Affordable, http://www.makinghomeaffordable.gov/

Published by Amy Barnes

Educated in: Psych., Computers & Programming, Criminal Justice, Accounting. Career experience: policing, retail, digital media production (15yrs), web design, tech support, psychology, social services, te...  View profile

  • Consumers need to act fast - some programs may have deadlines for customers to meet.
  • Obama's new plan is designed to help those who are making an effort to stay current on the mortgage.
  • Homeowners need to research all the options available in order to make the best decision.
A handy checklist of necessary paperwork for the loan process is available at: http://www.makinghomeaffordable.gov/counselor.html

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