Steve JavierOrlando, FL

Foreclosure, Consulting, Mortgage Planning

National Loan Modification Group
8225 Marbella View Ct, Orlando, FL 32817
321-2779379 (Office), 888-5771174 (Fax)

Buyer's Agent, Listing Agent

homeisflorida.com
1560 Bailey Ave, Deltona, FL 32725
407-5351608 (Office)

Real Estate Mortgage Expert
Orlando, FL
407-5351608 (Phone)

My fellow Americans, One must have a sense of humor in the Real Estate and Mortgage Industry. I hope we all have one. Here is the New Mortgage Plan….. WASHINGTON – The Obama administration kicked off a new program Wednesday that's designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments. Borrowers, however, are being advised to be patient in their efforts to get help because mortgage companies are likely to be flooded with calls. Government officials, launching the "Making Home Affordable" program also acknowledge that the initiatives are only a partial fix for a sweeping problem that has helped plunge the U.S. economy into the worst recession in decades. In fact, tens of thousands of homeowners in some of the most battered real estate markets — concentrated in California, Florida, Nevada and Arizona — won't be eligible for the two programs. "It's not intended to prevent every foreclosure or to help every homeowner," a senior Treasury Department official told reporters. "It's really targeted at responsible homeowners." There was also skepticism that banks would be willing to participate. For the modification program, borrowers who are eligible will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the loan modification program, which runs through 2012. Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1 2009, or earlier. Mortgages for single-family properties that are worth more than $729,750 are excluded. Lenders could reduce a borrower's interest rate to as low as 2 percent for five years. Rates would then rise to about 5 percent until the mortgage is repaid. For the refinance program, only homeowners whose loans are held by Fannie Mae or Freddie Mac are eligible and have until June 2010 to apply. Consumers should contact their loan servicer — the company that sends out their monthly bill — to find out if their mortgages are held by Fannie or Freddie. The two mortgage finance companies own or guarantee almost 31 million home loans — more than half of all U.S home mortgages. Again, this is a Band-Aid on a bleeding artery. As you can see, our clients and customers were left out….again. Steve Javier www.yeswemod.com