Baltimore Homeowners Get Mortgage Relief

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) March 5, 2009 -- Key digs from the Federal Government’s Q and A concerning the new program that the President Obama homeowner relief plan says ought to slash mortgage debt for up to 9 million Americans who are having troubling making their monthly payments.
The plan could offer some home owner’s mortgages with interest rates as low as 2 percent and there are also motivations that may pay down principal in a few cases.

There are two programs
Home Affordable Refinance and Home Affordable Modification.
Read on for the details:

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Baltimore Homeowners Get Mortgage Relief

Welcome visit Our WebSite:

http://baltimorehudhomes.com

I’m current on my mortgage. Will the Home Affordable Refinance help me?

Qualified borrowers who are current on their mortgages but have been powerless to take advantage of today’s lower interest rates for the reason that their homes have declined in value, may possibly now have the break to refinance into a 30 or 15 year, fixed rate loan. Through the Home Affordable Refinance program, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they placed in mortgage backed securities.

How do I know if I am qualified?

You may be qualified if you:

•Are the owner occupant of a one to four unit home?

The loan on your home is owned or controlled by Fannie Mae or Freddie Mac (Don’t know? See below),

You are current on your mortgage payments (current means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.

You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house, and
You have a stable income sufficient to support the new mortgage payments.

How do I know if my loan is owned or has been secularized by Fannie Mae or Freddie Mac?
You should call your mortgage servicer or lender (the organization to whom you make your monthly mortgage payments) and ask about the program.

Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Borrowers will provide or enter information to determine if either agency owns or securitized the loan. This information is not a guarantee of eligibility for the refinance program, as other qualifying criteria must also be met.

For Fannie Mae: 1-800-7FANNIE (8am to 8pm EST) or resource_center@fanniemae.com
For Freddie Mac 1-800-FREDDIE (8am to 8pm EST) or freddiemac.com/avoidforeclosure/

Who is my “loan servicer? Is that the same as my lender or investor?

Your loan servicer is the financial organization that collects your monthly mortgage payments and has accountability for the supervision and accounting of your loan. Your servicer may also be your lender, which means they own your loan, though, many loans are owned by groups of investors, such as pension funds or folks who buy mutual funds. These loans are administered by banks and other firms that focus in servicing loans. If you have questions about your loan or you are behind on your payments you ought to call your loan servicer at the number on your payment coupon or monthly mortgage statement.

I owe more than my home is worth. Do I still meet the criteria to refinance under the Making Home Affordable Program?

Qualified loans will include those where the first mortgage will not surpass 105% of the current market value of the home. For example, if your home is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your home will be established after you apply to refinance.

More information can be found online at http://baltimorehudhomes.com

Home Affordable Modification     Home Affordable Refinance     homeowner relief plan     mortgage relief