If you are currently in an adjustable rate mortgage and find yourself having trouble coming up with the monthly payment, you are in the same place as millions of other Americans. Fortunately, there is help for everyone, including you, that is having difficulty. You can avoid foreclosure with Obama’s home affordable refinance program.The main issue is that many homes are now no longer worth what is owed on them. The mortgage payment has jumped to such an extreme rate under the adjustable rate mortgage and when going to get refinanced through the bank, homeowners are finding they do not qualify due to the home’s value has decreased from the current market conditions. As they can’t afford the payments, many of the homes end up in foreclosure.With Obama’s plan, you can stop foreclosure on your home with the home affordable refinance program. Basically, with this plan, the lenders are actually allowing you to refinance an existing home loan to as much as 138 percent of the home’s actual value. What this means for you is that you can get into a fixed-rate mortgage and no longer have to worry about your rate jumping.While it has been set up to help those who are having difficulty making their payments, to qualify for the program you must not have been more than 30 days late on any of your payments in the previous year. Not only this, you must be employed and be able to fully document that you have the means to make the new payments. If you are unable to, you may not be able to stop foreclosure on your home in the future.The best thing about this plan is that it is the first that has been set up for homeowners who do not currently live in the specific property. It could be a vacation home or an investment property and you can still qualify. Other programs will require you to live in the actual property you are trying to refinance.The home affordable refinance program is designed to stop foreclosure from happening to so many people. The truth is, too many people lives have been upset due to the current economic conditions and the housing market. If you are having difficulty paying on your mortgage, you may be very surprised to find out you can save your home by qualifying for this particular program. Also you have the opportunity to check several plans.
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