President Obama Announced A $75 Billion Foreclosure Prevention Plan Funded By Our Tax Dollars
Congress Appropriates Funds To Help 9 Million Home Owners Lower Mortgage Payments With Plan That Combines Loan Modification With Loan Refinance
Home owners who are in the midst of losing their homes to foreclosure are excluded from the Plan, and 
left to lose their homes to foreclosure.
What???
Yep.
Home owners who have been anxiously looking forward to implementation of the much-anticipated Foreclosure Prevention Plan, whose lenders have initiated foreclosure procedures, well, those folks are left out of the plan.
The folks in desperate need of some sort of foreclosure prevention plan are not elegible for the plan.
Moreover, home owners who are behind in their payments, are also excluded from the plan. If you hope to utilize the plan, you must be making your payments on-time.
It gets worse.
Are you "under water", paying on a home loan with a balance that his higher than the current value of your home? You're not alone. Many home owners who got zero down home loans in 2005 have seen the current market values drop by 30% - 50%, depending on where they live.
If you are "under water", there is good news and bad news.
The good news is that this is not the first time in history when home values have dipped below some loan balances, and the market recovered every time. It happened in the 1970's... and again in the early 1980's when home loan rates climbed and peaked at 21%... it happened again in the early 1990's.
The bad news is the Plan will not help folks who are deep down "under water" at the bottom of the pool. Nope, no help for you. If you are even "under water" by 10%, the Plan excludes you.
You can be "under water" by no more than 5%. For example, if your home appraises now for $400,000, you cannot owe more than $420,000 on your home loan(s). If your home is valued today at $200,000, your loan balance cannot exceed $210,000.
If you bought your home in 2004 for $650,000, your down payment was 20%, $130,000, your loan balance began at $520,000. Homes that sold for $650,000 in numerous Woodbridge communities are selling for $450,000 - $470,000. Your loan may be paid down to $515,000 today, but if homes like yours in your subdivision are selling for $470,000, your "loan-to-value" (LTV) is roughly 109%, and you cannot utilize the plan.
But wait... there's more restrictions.
Your loan must be owned by Fannie Mae or Freddie Mac to qualify for the plan.
If your loan is among the vast millions of loans in bank portfolios, with lenders such as Wells Fargo, or Chevy Chase, or any other bank, forget about using the Plan.
Oh, and there are even MORE restrictions.
But let's cut to the chase with a wonderful "calculator" on the Washington Post website where you can find out if you qualify for the Plan.
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Equal Housing Opportunity
Equal Housing Opportunity
President Lyndon Johnson lead a vigorous campaign through the halls of Congress that lead to Fair Housing legislation. The Republican Party members in Congress backed Fair Housing, while most of the congressional Democrat Party members opposed Fair Housing. Johnson, a Democrat, worked the phones day and night, calling congressional Democrats, calling in favors that persuaded enough Democrats to cross party lines and vote for Fair Housing, and against their party leaders.
CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge and Prince William County.
"Hey Erick, I have a question...."
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy)703-590-2252 (Office).
Give us a call and we can "GET YOUR HOME SOLD FAST".
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Equal Housing opportunity.
