The Stimulus Package 2009 introduced by President Barack Obama has indeed helped the home owners save their homes from a foreclosure. This bill aims to stop the flood of foreclosures and bankruptcies in the country. For this the key policies they are working are affordability & loan modification. The individuals would get the benefits in the form of tax credits, grants and loans.
Here are some exclusive pointers that would guide you on saving your home from foreclosure with Federal Stimulus Bill:
o You can apply for loan modification or / and a refinance if your loan value is 105% more than the current market value of that house.
o You may seek help from the counselors appointed by the HUD (US Federal Housing & Urban Development Department) to help you at every step.
o You can also contact the banks on your own directly through their official website or just by making a call to their loan modification department.
o The monthly mortgage payment has been restricted to 31% of your gross monthly income. This has reduced the burden on the home owners.
o President along with the heads of the Federal departments & agencies shall be managing & expending the funds that are made available in order to achieve the specified purposes.
o The rates of interest have been reduced from 6.5% to 5.16%.
o Various options are made available to you like:
o Loan Modification
o Deed in lieu of Foreclosure
o Extending the Mortgage Term
o This Bill also offers many grants. Below is a list of the groups those stand to gain the most through this Package:
o Wage earners and the self employed.
o Home owners looking for home renovation.
o The unemployed.
o Middle Classes Scheduled to Get an AMT Tax Hit.
o The first time home buyers.