The Home Stimulus Plan – Help For Financial Hardship

The Home Stimulus Plan – Help For Financial Hardship

The Home Stimulus Plan is targeted to help homeowners who have experienced financial hardship and can’t make their house payments any longer. Financial hardship is defined as having been the victim of uncontrollable circumstances that have decreased your income or increased your expenses in a meaningful manner. This is a requirement for applying for this program.

President Obama has allocated 75 billion dollars to make it possible for millions of people in the United States to avoid foreclosure. This program provides qualified homeowners with alternation mortgages that characterize a lower, more manageable monthly payment. The target figure for this payment is less than 31% of your gross monthly income. The payment calculation includes character taxes, homeowner insurance, and any homeowner association dues you may be required to pay. To apply, your current payment must go beyond 31% of your gross monthly income, figured the same way.

These mortgage payment specifications illustrate the importance of getting all the application details before contacting your lender. It could make the difference between qualifying or not qualifying, depending upon how you do your calculations. You only get one opportunity to apply, so you need to do all your homework, gather all your documentation, and carefully complete your application before you call the lender.

This program has a deadline of December 31, 2012. If you qualify, this is a fortunate financial opportunity. You could acquire a lower interest rate, a longer loan term, forgiven late fees, or already reduced principal. You also will receive financial incentives up to $5,000. for staying current with your payments during the first five years. But, most importantly, you get to save your home from foreclosure.

Don’t delay if you are struggling with your mortgage payment or are already already in default. probe The Home Stimulus Plan, and see if you might qualify.

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