How the Home Affordable Plan Can Work For You
75 billion dollars has been put into this project and it is not yet to late to take advantage of it.
Are you currently behind on your mortgage payments or are you about to be behind on them? If so, then you should apply for the program right away.
There are basically three options for you to choose from if you want to make use of this program.
The first option is available if you are still able to pay your mortgage rates on-time each month.
By taking advantage of low interest rates the government will help by putting more money into your paying off your current housing loan.
Keep in mind that you the money you owe shouldn't be more than 105% of the total cost of your home.
Or else you will automatically be disqualified from the program.
The second option is the home stimulus package you are probably most familiar with.
This is the one in which you interest rates will be lowered to as low as 2%.
The amount of time you have to repay your loan will also be increased to as long as 40 years.
Plus, your late fees may also be waived.
This is the option of choice for those of you who are already behind on your mortgage payments.
If you think that foreclosure inevitable then you may have no choice but to choose option number three.
In this option, the government will pay lenders US$1,000, so you can avoid foreclosure and complete they payment on your house.
Otherwise, you can opt to transfer to another home voluntarily.
Do this and the government will give you US$1,500 in monetary aid.