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Feb 18, 2009 · Obama Unveils $75B Mortgage Relief Plan. February 18, 2009 / 7:22 AM EST / CBS/AP. Seeking to tackle "a crisis unlike any we've ever known," President Barack Obama unveiled an...
Feb 18, 2009 · President Barack Obama says up to 9 million struggling homeowners could get help from the housing rescue plan he outlined. The plan commits $275 billion in government funds to the effort...
- John Ydstie
People also ask
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- The Home Affordable Modification Program
- The Home Affordable Refinance Program
- Home Affordable Foreclosure Alternatives
- Home Affordable Unemployment Program
This program is described on the official site for borrowers who want to lower monthly mortgage payments, "making them more affordable and sustainable for the long-term".
The HARP program is for homeowners who are current on mortgage payments but, “have had difficulty refinancing”. The official site says that even for borrowers who are “underwater” on their mortgages (owing more than the home is currently worth on the housing market), if mortgage is owned by Fannie Mae or Freddie Mac, HARP could be of assistance.
According to the official website, HAFA “provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance”.
This program is designed to temporarily lower or suspend a qualifying borrower’s monthly mortgage payment, “giving you some much needed breathing room while you search for your next job” according to the official site. Each of these programs has specific criteria borrowers will need to meet in order to qualify. Some programs require you to be curre...
Feb 1, 2012 · For responsible borrowers, there will be no more barriers and no more excuses. Key components of the President’s plan include: • Providing Non-GSE Borrowers Access to Simple, Low-Cost Refinancing: President Obama is calling on Congress to pass legislation to establish a streamlined refinancing program.
Feb 18, 2009 · President Barack Obama unveiled a $75 billion plan Wednesday to help up to 9 million homeowners avoid foreclosure. He made the announcement in suburban Phoenix, which has been badly affected...
Feb 19, 2009 · President Barack Obama's home mortgage relief program is even bigger than the administration had been suggesting. The cost is $75 billion. The plan aims to prevent as many as 9 million...
Feb 18, 2009 · The plan I'm announcing focuses on rescuing families who've played by the rules and acted responsibly, by refinancing loans for millions of families in traditional mortgages who are underwater or close to it, by modifying loans for families stuck in sub-prime mortgages they can't afford as a result of skyrocketing interest rates or personal ...
