Obama Mortgage Relief has paved the way for affordable home loans in California

The following press release is on Obama Mortgage Relief and how it aims to effectively help the financially challenged citizens of California by enabling them to pay their mortgage loans.

California, CA (prHWY.com) August 12, 2011 - Introduced in February 2009, President Barack Obama's mortgage relief plans promise to provide hope and relief to the hard hit people of United States. Under the current economic crisis, numerous property owners have declared themselves in crisis, some of whom are bankrupt. The new mortgage plan nevertheless might just be the lifeline that people in California needs.

People in California suffered greatly from the housing policies here and the monetary setback. Under the California mortgage relief program, home loans are now available to help homeowners avoid foreclosures and reduce their mortgage interest rates. The program also aims to guard the property value of the surrounding properties in case of a foreclosure. The program hopes to help 7 to 9 million homeowners by the end of 2012. The plan aims in reducing monthly payments up to less than 31% of the gross monthly income of the individual.

California home loan providers need to contact the property owners and go over the mortgage loan modification before mailing a go into default notice. A go into default discover is a letter from the lender to the borrower which formally announces the beginning of the foreclosure process due to the indebted financial condition and is normally send when a homeowner is 3 to 4 months overdue on his mortgage payments.

Under Obama mortgage relief plan, a jobless mortgage holder can be eligible to get a three-month temporary forbearance on their mortgage. The home should be their primary residence. California home loan providers are needed to provide help all unemployed debtors who are considered eligible for the Obama mortgage relief plan. For being eligible, the current loan balance must be less than US$ 729750 and the first mortgage must be on or prior to January 1st, 2009.

New policies under Obama Mortgage Relief should help in refinancing mortgages. These government-backed mortgages also support homeowners with a credit score below 700 or with homes with less than 25% equity.

For further assistance do fill up your form or call us at (866)-470-5454.
Or you can reach us at:
FreeFedLoanMod.org
1801 E. Edinger Ave.
Suite 215 Santa Ana,
CA 92705
Phone No: (866) 470-5454
Website: http://www.freefedloanmod.org/

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Tag Words: california home loans, obama mortgage relief

Categories: Finance

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