“You should get help to qualify for a mortgage refinance with bad credit under President Obama’s stimulus plan if you have been faced with an imminent foreclosure. By doing so, you could save your precious homes from possible foreclosures. Besides, you have numerous home mortgage refinancing alternatives available at your disposal which you could negotiate with different creditors.”
You should get help to qualify for a bad credit mortgage refinance loan under President Obama’s stimulus package plan if you have been faced with an imminent foreclosure. By doing so, you could save your precious homes from possible foreclosures. Besides, you have numerous home mortgage refinancing alternatives available at your disposal which you could negotiate with different creditors. But the best way out would be to get approved for mortgage refinance loans under the home affordable refinance program (HARP) which is a part of President Obama’s popular “Making Home Affordable” plan. Typically, the Obama mortgage stimulus package plan is a home foreclosure prevention initiative that is designed to assist struggling homeowners in stopping foreclosures of their homes by preventing them from being auctioned.
But qualifying for a first or second mortgage refinance loan might not be the only option. The Obama stimulus plan also offers another viable alternative to distressed home makers. This is known as the home affordable modification program (HAMP). Under this option, lenders are required to modify home mortgage loans of eligible borrowers to make monthly mortgage payments more affordable. Remember, when the Obama mortgage stimulus plan or “Making Home Affordable” program was introduced by the federal government, it had met with plenty of criticisms. This was on account of its extraordinarily high rejection rate. Ever since then, the Obama administration has totally revamped the program and thus, streamlined the entire process of granting approvals for HARP mortgage refinance loans or HAMP loan modifications.
The new set of rules and regulations that apply to the Obama mortgage relief plans are quite user-friendly. Extensive delays that were caused by lender in processing the mortgage refinancing or modification request are now a thing of the past. Some of the changes that the new rules have ensured are mentioned below.
1. Lenders are required to communicate approval or denial of requests filed by applicants within 30 days of having received such applications.
2. Once an applicant files an application, lenders need to provide a written confirmation of having received it.
3. If your HAMP request is approved, you could be put through a 90 day trial loan modification program at the end of which it would automatically get converted into a permanent one.
4. Even if your first application gets denied, you could be provided an alternative or have the option to apply once again with another lender.
Nevertheless, the process of qualifying for HARP or HAMP is a rigorous one. Besides, the documentation, which needs to be furnished along with your requests, is complicated. Therefore, it could be important for you to get loan modification help from a competent lawyer who is well versed with the requirements of the entire procedure. This could greatly increase your chances of getting an approval for a HARP home mortgage refinance loan or a HAMP loan modification.
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