In the past couple of weeks, President Obama and government agencies have been working hard to assist people across the country in working out their mortgage. Considering the current estimate for delinquent houses is roughly 10% and the FDIC is predicting that 1 out of every 3 houses will be delinquent by 2010, this has become a top priority for President Obama.
Considering many of the financial institutions have suffered severe liquidity problems the last year, the government has given aid to many of them. From now on, any bank that is to be recieving TARP money will be required to follow the guidelines that the government has laid out for loan modification. So whether you are in California, Colorado, or Florida, you are most likely eligible for some sort of loan modification or refinance. Having the Fed rate at a 0% currently and in our current economic state, there is no better time to consult a representative. Banks have been commissioned to lower interest rates to as low as 2%, if needed, in order to work with those struggling to make mortgage payments.
Even those of you that have remained current on your mortgage have options, including reducing your principal amount. Get in touch with a representative today. Click here to get more information on how you can work out your loan!
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