HomeThe entire customer’s whose property rates have been dropped by 15 % or may be more can get their mortgage refinance at 4.5% interest rate. This would help them recover some of their loss which has been caused due to downfall of the value of their property.
If the loans of the homeowners are backed by Fannie Mae and Freddie Mac, they can get the mortgage revised at a refinance rate this rate which is really low. This would further make their monthly installment amount less than 31% of their current gross monthly income and no installment amount would cross 31% of the gross monthly income of the individual.
Now, each customer who is facing foreclosure can get their mortgage refinance by stimulus plan at a fixed interest rate of 4.5 %. This would make their loan cheaper and one would be able to sustain the payments. This way you can save your home and avoid foreclosure. The reduced interest rate will provide big time relief to the homeowners and they would now be tension free.
A Making Home Affordable Package