Report From SaveMeFromForeclosure Criticises Federal Homeowner Assistance Plan

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 21, 2009 -- 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.

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.

Contact:
Penny Fletcher
SaveMeFromForeclosure.com, LLC
1685 H. ST., #679
Blaine, WA 98230
604-714-0490
penny@SaveMeFromForeclosure.com
http://www.SaveMeFromForeclosure.com

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