To be eligible for the loan modification program under Obama’s new stimulus package the criteria included the maximum loan amount for a single unit which was set at $729,750.
Recent information now states that the maximum loan amounts for 2, 3 and 4 unit homes has been set as follows: -
We are all well aware of the economic chaos that the whole world seems to be in at the moment and are all sitting on the edge of our seats to see if the new stimulus package that President Barack Obama has championed is going to work in stemming the flow of the foreclosure’s on people’s homes when they have struggled to meet their mortgage repayments.
The Obama new stimulus package amounts to a massive $1 trillion bale out package that offers new loan options, grants and tax credits. So for home owners that are struggling, there is relief in site and it is possible to take a home loan mortgage refinance option to get lower rates of interest or longer repayment periods.
Obama has offered a $1000 incentive to encourage home owners to opt for mortgage refinance or loan modification instead of going for a short sale or foreclosure option.
There are rules that apply to these mortgage refinance deals : -
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