As was stated the $75 billion Mortgage Refinance and Modification Plan, promised by President Obama, was launched today by the Treasury Department. It is estimated that some 9 million homeowners will be benefitted by the program.
With today's launch homeowners will now be able to immediately take advantage, as according to the Treasury Secretary, the program is designed in such a way as to allow for immediate modifications.
Only homeowners who live in their own homes will be eligible to participate in the program. Also homeowners whose loans are owned or secured by Fannie Mae or Freddie Mac should be able to qualify for the program. Homeowners must also show that they will be able to pay for the new loan once modified. The loan amount amount must also meet Frannie and Freddie Guidelines which means that $417,000 is the maximum.
The program will not consider investment properties, non-owner occupied properties or those homeowners who is seen to have knowingly purchased risky loans. That means sub-prime snd private investor loans will not qualify.
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