Loan Modification Program in California
On Wednesday, February 18, 2009, President Obama announced his new Homeowner Affordability and Stability Plan to help troubled homeowners avoid foreclosure. This plan will offer assistance up to 9 million homeowners and applies only to primary residences. The first component of the plan allows homeowners who are current to refinance an existing Fannie Mae or Freddie Mac conforming loan with a loan-to-value ratio up to 105 percent. The second component addresses homeowners who are at risk of foreclosure on their mortgages, but they do not have to be delinquent. The government will work with the lenders to ensure that monthly mortgages do not exceed 31 percent debt-to-income ratio. Furthermore, the government will seek to create clear and consistent guidelines for loan modifications.
The program initially aimed for the primary home owners facing trouble and not mainly for the 2nd Mortgage and Investment properties going for the foreclosure. However, California Based Mike Rockwood has managed to get approved for the loan modification for his 5 Investment properties in California.
Yes, This is true. See the above screenshot and the Investment property details by Mike Rockwood. All of the above properties are in the California. This means that even if the program is mainly for the primary residents, you can still use it for your Investment properties as well as 2nd Mortgages.
But for that, you need the proper information flow about how to get approved for this. What I suggest you is that Download 60-minute Loan Modification Workbook by Mike Rockwood and learn that how you can get approved for the loan modification program in California.
The best thing about this workbook is that, the strategies inside the workbook work well with any bank in United States in any state. So now don’t wait anymore. Simply download the workbook and start the loan modification process for your home mortgage loans.