Some homeowners who are on the verge of foreclosure are in for a pleasant surprise as the White House Administration expands the Obama mortgage stimulus plan. Those homeowners and others who are stuck with costly sub-prime loans could be eligible to receive a substantial reduction in their mortgage interest rate. The plan will help homeowners find lenders who are participating. This will be a huge relief for those who have not been accepted into mortgage assistance programs.
While some details were announced Wednesday, it is not yet known what the eligibility requirements will be for this new mortgage stimulus.
New alternatives will be given to help homeowners avoid foreclosure through short sales. The white house blog does state that under the Obama mortgage stimulus eligible loans cannot exceed 105% of the properties market value.
3 Responses to “Obama Expands Mortgage Plan As Part Of Financial Mortgage Stimulus”
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