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Take for example a house that was purchased for $160,000 but is now worth $100,000 due to the market decline. Further, assume the homeowner owes $120,000 on the mortgage. In this scenario, the loan-to-value ratio would be 120%, and if the homeowner chose to refinance, he would also have to pay for private mortgage insurance.
The Homeowners Affordability and Stability Plan is a U.S. program announced on February 18, 2009, by U.S. President Barack Obama.According to the US Treasury Department, it is a $75 billion program to help up to nine million homeowners avoid foreclosure, which was supplemented by $200 billion in additional funding for Fannie Mae and Freddie Mac to purchase and more easily refinance mortgages. [1]
The following is a list of actions conducted by Barack Obama's administration as part of the We Can't Wait program, along with the brief description, and the date issued. Expanded eligibility for the Home Affordable Refinance Program (HARP) (October 24, 2011)—allows any homeowner with a mortgage owned or guaranteed by Fannie Mae or Freddie ...
Virtually every down payment program requires you to qualify for a 30-year, fixed-rate first mortgage to buy the home. Some programs can only be used with one type of mortgage, such as government ...
The Obama administration has proposed a comprehensive revamp of the nation's housing finance business to reduce the nation's dependence on struggling government-backed enterprises Fannie Mae and ...
Once it’s recast, you’ll get a lower monthly payment of $1,278, which is roughly $500 lower than your initial loan payment amount. Keep in mind that most lenders charge a recasting fee ...
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
President Obama's mortgage modification plan provided assistance to only 7% of borrowers who signed up last year, further adding to the chorus of boos for the much-hyped program. The Associated ...