The Obama
mortgage refinance program is a part of the making home affordable program that
was initiated by the administration to bring about changes in the housing
market and also in the lives of the homeowners. To reign in the cases of
foreclosure nothing better could be sorted out than the making home affordable
program and its sub-categories namely the Obama mortgage refinance program and
the home affordable modification plan. Both the plans aimed at helping
struggling homeowners get out of the rot and lead a stable life once again.
The main
reason why homeowners needed help with their mortgage loan payments was due to
unforeseen emergencies or external factors affecting their finances. Since,
their monthly income is the only source from which they can pay for the
mortgage loans it used to cripple the homeowners when they weren’t able to
shell out the necessary cash or do so by compromising on other basic
necessities. The Obama mortgage rescue plan catered to homeowners from
different backgrounds including the one’s with an upside down equity in their
homes. However, a slight difference between the home affordable refinance
program and the home affordable modification program needed to be explained so
that before applying for the specific deal one could be sure about its success.
As per the Obama mortgage rescue plan wherein the mortgage loan refinance
option was to be chosen the basic criterion of eligibility was that the
homeowner should be updated and current with their original mortgage loan
repayments. Defaulters on the mortgage loan were guided towards the home
affordable modification program.
Despite
the Obama Mortgage Refinance Program garnering a lot of support from all the
homeowners there were a few who had no alternative but to avail the home
affordable modification program due to an upside down debt to income ratio. The
refinance program and its sub-categories catered to the needs of all types of
homeowners and one example of a program that was introduced recently to help
those homeowners who were responsible but were suffering from failing home
prices to go ahead and secure low cost home affordable refinance plus program. The
program catered to the homeowners under two categories namely the Plus for manual underwriting and DU refi plus
for loans underwritten through desktop underwriter.
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