Obama Refinance Plan 2010: Mortgage Rate Predictions, Trends, and Analysis
Homeowners looking to refinance or get a home loan modification can ensure they save the most money possible by getting and knowing when the lowest interest rates will be available. So, here are my mortgage rate predictions for 2009 and 2010, along with how I made them. Earlier in 2009 home mortgage interest rates were around 4.69% for a fixed rate 30 year home loan. However, with the “Making Home Affordable” plan from President Obama refinance plan 2010 the interest rates have recently gone up a little bit, about about .5% or so.
If you are in this situation then you may really feel confused. If you have read recent news reports than you have seen that about 40% of the people that have gotten into a modification plan under the President Obama modification plan have fallen out of the Obama refinance plan 2010. So that leaves a lot of people facing hard decisions. Here are a few options for you.
First option you have is to go back to the bank and explain why you had a problem with your modification and what you are able to do in order to fix your new problem. Banks at this point in the game are open to listening to you and the fact that you already had a modification shows that you are interested in trying to keep your house. In some cases they will put you on a new modification plan and in other cases they will reinstate your old modification.
Your second option is to consider selling or short selling the house. I always tell people to consider this option when their situation does not seem like it can get any better any time soon. Such as a long-term layoff at work or a death in the family which results in a lower overall income.
That’s all because they didn’t know what to do or how to do it. They either hired someone that didn’t know what they were doing and got poor results. Or they tried it on their own and told the mortgage company something that disqualified themselves. Or they relied on the bank for help and got taken advantage of.
Learn more about Obama Mortgage Relief Plan Qualifications.
