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Homeowner Affordability & Stability Plan

Feb 20, 2009

President Obama announced the Homeowner Affordability and Stability Plan today.

He expects to help between 7 and 9 million homeowners avoid foreclosure through work out solutions and refinancing.

* Only to owner occupied homes

* Single Family 1st lien with unpaid principal balance not the exceed 729,750

* Loans can only be modified under the plan once

* Front end debt to income ration is 31% and backend DTI is 55%

* Borrower required to vertify income via tax returns and pay stubs

* 2nd liens can be extinguish on approved modified loans.


Read More: Article Source

ShortSale Testimonial


Property Value: $110,000
8227 COOLSHIRE, HOUSTON, TEXAS 77070
Total Owed: $120,000
Accepted: $110,000
Time to Negotiate: 63 Days

I first listed my home for $145,000. After 8 months, I reduced it to $125,000 and there were still no offers. My payoff at the time was $120,000. I decided to let the property go into foreclosure. However, my husband didnt want his credit ruined so we contacted Julie Nguyen at Preforeclosure Specialist. They held an auction at the property and within 10 days I got an offer at $110,000. Two months later Wamu excepted the short sale and our credit was saved from foreclosure.


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