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How to Stop Foreclosure
What If Obama's Affordable Refinance Program Can't Help You?
Lately
I have been getting bombarded by my e-newsletter readers with many
different questions about the Obama's Affordable Refinance program.
They basically want to know details regarding the requirements
necessary in order to be considered for this plan; people want to know
how to stop foreclosure through this program.
It have been a
couple of months now since the Obama's Affordable Refinance program
started to moving along, and unfortunately, most of the homeowners that
really need help the most do not even know what to do or where to go
for a preliminary evaluation to be consider for help.
This alone
is unfortunate for families trying to find out how to stop foreclosure,
letting alone the fact that when the people who really need the help
finally find out what to do or how to proceed they find dozens of
burdens in their way, and we have not even mentioned the many
requisites you will need to comply with in order to qualify.
Just
to name a few; you need to know that for your application just to be
consider for the Obama's Affordable Refinance program, your possible
new refinance loan including costs and expenses may not exceed 105% of
the actual value of the property. These alone will exclude most of the
places cities and states that have been hurt the most.
As result
of just this small requirements millions of families have been exclude
already, even before the attempt to submit an application. On the other
hand, the new mortgage payments should not exceed 31% of the
homeowner's income; for families with low household income, or families
where someone have lost their job will not qualify under Obama's
Affordable Refinance program and foreclosure, sadly will be
unavoidable.
If you have more than one mortgage loan in your
property you will not qualify under this plan, excluding this way
millions of people who bought their homes in the last couple of years
of the Real Estate surge. If you have been declared in bankruptcy you
will not be consider eligible for the Obama's Affordable Refinance
program either.
The monthly obligations should not be more that
38% of homeowner's income to qualify. Just think about this for a
moment. With the economic and financial crisis that we are facing right
now in the country, I think it would be very conservative to say that
families' monthly obligations are currently about 100% or more if you
include food and fuel.
So, even though we have to admit that
Obama's Affordable Refinance program will benefit a large number of
home owners, everybody now agrees that most of the people who are in
deep the most will not see any kind of relief under this new plan,
unfortunately.
On top of that most of the money will go straight
to the banks as incentive to work with homeowners, but as the
participation of banks and lenders is voluntary under Obama's
Affordable Refinance program, the will not work with you unless the
cost of foreclosure is bigger than the cost of refinancing your loan,
even if you qualify and fulfill all the requirements.
These are
some of the reasons that thousands of homeowners are still being
foreclosed and thrown out of their homes everyday. So, how to stop
foreclosure under this circumstances? First, foreclosure is a process
and there are ways for you to delay that process and stay in your home
for a few years if you do not qualify for these programs, even if you
have not income at all.
Most of the people do not know there are
many things they can do in order to fight foreclosure and keep their
homes for a very long time, learning these strategies is how to stop
foreclosure.
It is important to stay in your home, not only
because you will be saving many thousands dollars but because if you
can delay foreclosure, you still will have the opportunity to qualify
for help in the future if your financial situation improves after a
while.
If you do not qualify for the Obama's Affordable Refinance program, you still have options to save your home, do not give up.
To
find out more about this subject and for tips and strategies to avoid
foreclosure and stay in your home for over two years without making any
monthly mortgage payments, go to the home page inmediately How To Stop
Foreclosure
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