President Barack Obama announced his plan to assist homeowners with their mortgages on February 18, 2009. The plan is called the Homeowner Affordability and Stability Plan. Under the plan, eligible homeowners, who are current in their mortgages, will be able to refinance a 15 or 20 year fixed rate mortgage loan. The plan is intended to relieve the foreclosure crises many American homeowners are facing.Official Site: White House Blog: Help for homeowners (February 18, 2009)
Incentives
In an effort to keep borrowers current with their mortgage payments, Obama's mortgage plan offers an incentive. If a borrower pays their mortgage on time each month, they will receive a monthly balance reduction. Borrowers will be able to save up to $1,000 a year, for five years.Chicago Sun-Times: Obama Mortgage Foreclosure Rescue Plan Will... (February 18, 2009)
Apply for Mortgage Help
The refinancing program begins on March 4, 2009. When it becomes available, mortgage lenders will request the following information: information on gross monthly income (pay stubs and documentation from all sources), the most recent tax return, information on any second mortgages, credit card balances and information on student loans or car loans.Official Site: White House Blog: Help for homeowners (February 18, 2009)
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Introduced on February 18, 2009
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Obama's mortgage plan is called the Homeowner Affordability and Stability Plan
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Eligible borrowers, who are current on their mortgage payments, can refinance into a 15 or 30 year fixed rate mortgageOfficial Site: White House Blog: Help for homeowners (February 18, 2009)
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