One of the greatest things that can happen to life is that when prices are getting lower especially if the item has a big value like a car or a house. It is not easy to buy these things like today that everyone is experiencing financial crisis everywhere.
The new administration of US President Barack Obama released Mortgage Modification Plan with the help of three big banks in the US namely JP Morgan Chase, Wells Fargo Bank and Citigroup. In addition to those banks, there are three mortgage companies namely GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing to help homeowners to lower their monthly fees.
The new administration changed the mortgage plan and it followed by the banks and servicing companies to update the loans for homeowners. This is the chance for people who cannot afford to pay high mortgage fees who own one up to four unit properties and giving them the opportunity to keep their dream houses as their own property.
Before the launch of this plan, there are homeowners who were waiting for this to get started especially for the homeowners that their mortgage loans are on the cost of foreclosure are eligible to apply for this program.
The obligation of this program is to lessen the mortgage plan rates from 38% down to 31% monthly mortgage of the borrower's income. The rule is there should be no more than 38% monthly dues. The banks or the mortgage companies can lessen the balance in order to accomplish the affordability of the home. The other plan is that the interest rates should go down to 2%. If you pay your dues on time or before the due date, you will get $1000 a year for five years and it can be used to lessen the balance.
The new administration of US President Barack Obama released Mortgage Modification Plan with the help of three big banks in the US namely JP Morgan Chase, Wells Fargo Bank and Citigroup. In addition to those banks, there are three mortgage companies namely GMAC Mortgage, Saxon Mortgage Services, and Select Portfolio Servicing to help homeowners to lower their monthly fees.
The new administration changed the mortgage plan and it followed by the banks and servicing companies to update the loans for homeowners. This is the chance for people who cannot afford to pay high mortgage fees who own one up to four unit properties and giving them the opportunity to keep their dream houses as their own property.
Before the launch of this plan, there are homeowners who were waiting for this to get started especially for the homeowners that their mortgage loans are on the cost of foreclosure are eligible to apply for this program.
The obligation of this program is to lessen the mortgage plan rates from 38% down to 31% monthly mortgage of the borrower's income. The rule is there should be no more than 38% monthly dues. The banks or the mortgage companies can lessen the balance in order to accomplish the affordability of the home. The other plan is that the interest rates should go down to 2%. If you pay your dues on time or before the due date, you will get $1000 a year for five years and it can be used to lessen the balance.
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