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(EMAILWIRE.COM, February 09, 2012 ) San Francisco, CA -- The plan, recently released, could help up to 9,000,000 families refinance or opt for a Reverse Mortgage. The plan is designed to not only help families in need but to stimulate and reinvigorate the housing market which of course has wider implications on the American economy and indeed possibly on the worldÂ’s economy as well.
The plan would assist 5,000,000 families to refinance their current mortgages. These are families who were not able to take advantage of lower interest rates due to the declining housing prices. Even if interest rates were drastically lower, these homeowners could not take advantage of them if they owed more on the homes then they were currently worth (as the banks would not provide the new financing).
The plan also calls to help a further 4,000,000 families by subsidizing their mortgages to a level more in line with their income.
The plan also takes aim at current loan modification legislation which many feel helped lead to the current housing and economic crisis and calls for clear and consistent guidelines regarding this legislation.
The loans (and loan modifications) are only available to those who have their home loans secured by Fanny Mae or Freddie Mac. In addition, would be recipients of the refinancing or restructuring must be current on their home loans. To qualify, the property must be owner occupied (not a rental property) and the original mortgage must not exceed 105% of the homes current value. The borrower must also have sufficient income to cover the new payments.
Readers can ascertain whether Fannie Mae or Freddie Mac backs their mortgages can contact each organization respectively. Reverse Mortgages and modifications are well underway so readers would be advised to act immediately.
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