How is the stimulus plan going to help me as a homeowner?
I want to get straight to the point and let every homeowner that fits the following criteria that you can modify your loan payment under Obama's stimulus plan. The follow info is straight from FannieMae.com.
Bottom-line: as an example if you made $100,000 as a family according to your tax returns your house payment can be modified to $31,000 for the year or $2,583 per month which includes principle, interest, tax and insurance plus HOA.
These guidelines have only just hit the market so your bank may not have the programs or resources in place to deal with this yet, but it will happen and is coming soon. Any bank that took our money in the bailout must comply. My suggestion for you if you think this may apply to you is...
1) See if your mortgage is owned by Fannie mae.
2) Call your lender today and get your name and loan # in whatever waiting list or queue they have.
3) Gather your last 2-years tax returns.
-Is your loan is owned by Fannie Mae or Freddie Mac?
How do I know if my loan is owned by Fannie or Freddie?
