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Home Equity Line

Home affordable refinance program, FHA streamline refinance, bad credit home mortgage refinance Perhaps you now Ove more than your home is worth, or maybe even you just cannot make that monthly mortgage payment with that unemployment check. President Obama has two new ideas to help you save your home with his home affordable refinance program. The first solution is the home affordable refinance program. This part of Obama’s making home affordable program requires that you are current on your mortgage. Basically, this plan will lower your interest Council which in turn will lower your monthly payment. The principle owed will not change, just the interest rate. The equity you already have in your home will therefore continue to increase under this home loan plan.

The second option under Obama’s making home affordable program is the “Home Affordable Refinance Program”. In orderto qualify for this home loan modification, your primary residence housing expenses must be more than 31% of your total great income. If you lost your job or had a major medical expense and can no longer afford your FHA streamline refinance should talk to your bank regarding this home equity line of credit process. The government is willing to help with this bad credit home mortgage refinance loan plan as well. Each month that you make your mortgage payment on time, they may make a payment that wants to apply directlyto your principle. If you qualify for this part of Obama’s making home affordable program, over a 5 year span the Treasury may pay you as much as $4,500.00. you will have until December 31, 2010 to talk to your bank about this loan modification help.

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