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As part of the 2012 State of the Union Address, President Barack Obama referenced a plan to give "every responsible homeowner the chance to save about $3,000 a year on their mortgage". Within the mortgage industry, this plan is being referred to as HARP 3.0. The plan has not passed.
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 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]
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 ...
Shopping around and comparing offers from multiple mortgage lenders can also help secure a low-cost refinance. By refinancing, you can lower your mortgage interest rate and monthly payments ...
SMP is designed to reduce distressed borrowers' monthly mortgage payments to an amount equal to 38 percent of their monthly gross income. To do so, servicers may, in the following order: Capitalize accrued interest, escrow advances and costs, if allowed by state law; Extend the term of the mortgage loan by up to 480 months;
A mortgage payment is often one of the largest monthly bills that a household pays each month. By reducing this payment, you can free up more money to invest for your future or pay off existing debt.