The biggest question I have been thinking about for the past few weeks was whether or not I would qualify for this new Obama Bailout plan. I just heard about this Obama Bailout news on T.V, and learned that it could just be the solution to stop foreclosure. This became a very interesting topic for me since I just lost my job and money is not coming in smoothly. I started researching about it and here are some useful things I have learned.
Qualifications:
1. Tragedy/Cause for financial burden
2. Mortgage higher than 31% of monthly income
3. Home must be one’s primary home
4. Feasible new payment plan
Those who are about to face foreclosure can rejoice because the Obama Administration is going to help us. The $200 B fund will be injected to Fanny Mae and Freddie Mac so that they can help more people stop foreclosure.
Now as for the first item in this list of Obama bailout package qualifications, let me elaborate about that. The first thing that they would look for is some kind of unavoidable cause for your mortgage problems. The most common reasons for this are if you or your partner loses a job, if you or your partner gets demoted or gets an income decrease, if you get an injury or illness that prevents you from working for a time, if there is a medical bill that you are having trouble paying, if there are unavoidable new expenses such as a new baby or renovation of the house due to natural calamity or accident. It just has to be something financially debilitating and unavoidable at the same time.
The Obama bailout package sounds really good. You just have to remember that there should be some means for you to pay the new modified loan. There is some criticism of it though, and I’m not sure why. I guess those who aren’t in my same situation can’t understand how necessary the Obama bailout plan really is.
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