Basic Facts about Obama's Homeowner Plan - How It Affects Homeowners in Fremont
by Clyde Brown, an Experienced Expert in the Fremont Market
Obama found himself caught in the middle of an economic crisis immediately upon being elected to office, and one of his first tasks was to address the housing problem in America. At the end of 2008 there were approximately one out of every ten mortgages in delinquency. The housing act was introduced to lessen the amount of foreclosures in the foreseeable future. Here are a few main points of the act that can help homeowners in Fremont keep their homes.
#1 Fremont homeowners are given help to refinance their mortgages
#2 Incentive plans have been put in place and offered to lenders that will modify the mortgage terms for people that have taken loans.
#3 Fremont homeowners' principal balance cannot be more than 729,750 dollars.
#4 Loans must have been taken out before January 1, 2009.
#5 The mortgage payments will be reduced to 38% of the person's monthly income. The government will further reduce these payments down to 31% with a subsidy.
#6 Loans can be brought down by reducing the interest rate to 2%, reducing the principle or by extending the length of the loan.
Many homeowners in Fremont have been able to keep their homes on account of this act. It has not been able to help everyone, but the majority of Fremont homeowners that qualify have been accepted and able to keep their home. It is important to remember that this act was not designed to save all homeowners, but rather as a blanket solution to help many and save the economy.
There are a lot more details regarding this act, and if you have any questions you should talk to your Fremont real estate agent. He can explain your options and help you make any necessary decisions about your home in Fremont.
If you are considering buying or selling property, planning to relocate, looking for East Bay Area homes for sale, or looking for any other information about real estate in the East Bay, or the surrounding areas, please visit the most complete website dedicated to everything real estate related www.ClydeBrownHomes.com.
If you or someone you know are in need of a competent and experienced Bay Area Realtor, or have real estate or mortgage related questions, please feel free to contact me I will be more than glad to answer your questions. Call me at 800-839-0665 or email me at Clyde@ClydeBrownHomes.com. For all your East Bay cities needs including Fremont, Newark, Union City, Hayward, Oakland, Santa Clara, Milpitas, Dublin, Livermore, Pleasanton, and San Ramon. Clyde Brown Legacy Real Estate & Associates.
