Tuesday, April 28, 2009

Obama's Wamu Loan Modification Plan - Will Homeowners Benefit From Obama's Stimulus Package?

Obama's government has come up with loan modification programs for all those homeowners who are facing hardships and are unable to repay their existing mortgage balance to their respective banks. Understanding the problems that are being faced by the borrowers Wamu has also decided to help its existing homeowners enforcing the features of the loan modification program started by Obama on its home mortgage.

Homeowners can now take a deep breath as they would now be able to repay the existing loan with Wamu without any mental stress. Bank is offering loan adjustment to all its customers where in the existing loan would be revised and modified with new terms and conditions as mentioned in Obama's stimulus package.

Homeowners would greatly benefit from Obama 2009 stimulus package for loan modification:

· All borrowers would not be eligible for Obama's Wamu loan adjustment plan, but millions of homeowners would be able to obtain the benefits. If the existing loan with Wamu is short termed, it will modify to increase the tenure of loan. By increase in the tenure, customers will not feel over burdened and they will have enough time to repay the amount taken by borrower

· When tenure would increase, there would be huge reduction in monthly payment amount too. Obama's mortgage modification is offering loans up to 50 years now.

· Depending upon the need of the homeowner, Obama's Wamu adjustment will also increase the tenure of mortgage

· Amongst number of programs offered by Wamu for mortgage adjustment, homeowners can choose the one which would be able to provide relief on the current situation.

· Homeowners, that are currently paying their mortgage installments, rather who are bouncing their mortgage installments as the interest rate is very high, would also be benefited. According to the rules of Obama's stimulus program, bank will modify all the mortgage that have been disbursed on a higher rate and will approve them on a low rate of interest.

Each and every features of Obama's WaMu loan amendment plan has been decided after thorough understanding of different situations faced by homeowners and stimulus package is surely going to benefit homeowners.


beachdude said...

The most common mortgage modifications are listed below:

lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above

Check out this public service site: http://mortgagemodificationinfo.org

mare said...

this should be a plan that benefit homeowners in need. I can see how some will take full advantage of this plan even they can afford the payments. The Obama administration, Senate, media and the banks should stress that greatly. Otherwise, 5yr from now on, there will be another financial hole we will all free fall in to.

Anonymous said...

On the surfece WAMU's stance is made to appear excited about the modification package. But I refer you to one of many similar homeowners: A home owner family with two babies made several dozen calls over the course of 5 months: first predicting that I may be about to face mortgage payment difficulties, then months later needing to begin the process of applying for loan modification. When the only first month's payment was late, diligently they submitted the loan modification package. Many if not all phone calls included WAMU asking the question "Are you living in the home? WAMU, unless completely deaf to all the info provided couldn't be anything but clear that the borrower's entire family resides in the property the loan is on. However one day before the loan modification was application was reviewed properly a company was sent to this family's home to re-key all the locks! That's WAMU in the REAL world. Search for WAMU gets coal for Christmas for details.

Anonymous said...

Sorry about the typos above, but the details are on a new story I found and a search for "WAMU gets coal for Christmas" finds it because that was the headline.

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