Financial Stability Plan & List of Lenders
Below is some important information for you personally, and your friends & family:
Homeowner Affordability and Stability Plan Components
The Plan was originally announced by the President on Feb. 17 and is designed to help borrowers in two ways:
Borrowers with high debt-to-income ratios or who are at risk of foreclosure may be eligible to restructure their current loan through the National Modification Pro gram.
Borrowers with a Fannie Mae or Freddie Mac-secured loan who are current on their monthly mortgage payments may be eligible to refinance into a new Agency-secured loan even if their home value has declined to a point that may make them ineligible to refinance into a standard refinance program and take advantage of today’s lower interest rates.
Who will this Plan help?
The Plan could potentially help customers who are:
Current on their mortgage payments and have the ability to refinance,
Current on their mortgage payments but imminent default is foreseeable, or
Delinquent on their mortgage payments and are in need of a modification to avoid foreclosure.
You should gather the following information that you will need to provide the lender if you plan to make modification or refinance with your lender
Includes following items:
· Information about the monthly gross income of your household, including recent pay stubs
· Your most recent income tax return
· Information about any second mortgage
· Payments on each of your credit cards, if you are carrying balances from month to month, and
· Payments on any other loans, such as student loans
Attached is the list of all the lenders and their website.
Good Luck
Ritu
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